Peter Wood, a British insurance titan, has purchased the former John Kluge estate in Palm Beach, Florida, from Columbia University for $39 million.

Kluge, who passed away at 95 in 2010, made his fortune in the television industry and was at one point the richest man in the United States. He gave the 4.3-acre property with 150 feet of oceanfront land to his alma mater in his will. The amazing estate features two main houses, three staff homes, and numerous gardens and fountains.

Wood is the founder of the insurance companies Direct Line and Esure, and he already owns multiple properties in Palm Beach. Wood will most likely not live on the property and isn’t sure what he is going to do with Kluge’s former estate yet.

Wood has been a major player in the Palm Beach real estate market for years now. Most recently, he purchased the home of Jon Stryker for $42.9 million in 2014, and then split up the estate into three lots, one of which he is building a home on for his own use and the other two he has sold and listed.

Photo credit: Brantley Photography