Hedge fund billionaire Steven Schonfeld solidified a sizable investment in South Florida residential real estate this month when he purchased the massive estate of a cosmetics magnate for well over $100 million. The sale set a record for a residential sale in the Sunshine State.
The property is the dream home of Sydell Miller, who set about compiling the properties that comprise it in the 1990s, after the death of her husband Arnold. The estate that resulted—called ‘La Reverie’—meanders over nearly 4.4 acres of land between lake and ocean in Palm Beach, and features 350 feet of ocean frontage. The sale reportedly involves only the oceanfront part of the property.
The custom-built neoclassical-style home features a stone exterior and 85,000 square feet of living space, 35,000 square feet of which is air conditioned. It contains at least 10 bedrooms, 22 baths, and a long list of amenities that includes a bowling alley, salon, spa, and ice cream parlor; the exterior boasts loggias, patios, and terraces.
The sale was registered at $105 million, but may have tipped the scales at $111 million after various fees. Schonfeld’s new neighbors include Ken Griffin, a fellow hedge fund expert. Griffin put together a sizable property in the area that is estimated at over $350 million.
Earlier this year, Miller purchased a full floor of the Bristol, a luxury high rise in West Palm Beach, for $43 million. The single unit that is being constructed for her exceeds 18,000 square feet.
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