A California and Texas-based investment fund manager paid $15 million for a beachfront Gulf Stream mansion, marking the second large home sale in the small Palm Beach County town in days.
Records show James N. Alexander, founder and managing partner of Jasper Ridge Partners, and Bianca M.G. Alexander of Menlo Park, California, bought the house at 1255 North Ocean Boulevard. Jasper Ridge manages more than $15.2 billion in assets, including public equity, fixed income and hedge funds, according to its website.
David and Patricia Knobel sold the property. David Knobel is the former CEO of Florida Career College, a for-profit college that was shut down by the FBI. The Knobels paid $5.5 million for the property in 2008.
The six-bedroom, 12,732-square-foot home was originally listed for nearly $19 million, but later reduced to $16.45 million, according to a Corcoran listing. The Bermuda-style two-story house features a gourmet kitchen, six-bay garage, family room with a media center, a motor court and courtyard, smart home systems and a master wing. It was built in 2012.
On Wednesday, The Real Deal reported on the sale of the newly developed beachfront estate at 3333 North Ocean Boulevard in Gulf Stream. Palm Beach philanthropists Doris and Neil Gillman sold their estate for $18.5 million to a Delaware company. Other big ticket sales in the Palm Beach County town include the nearly $16 million trade of a spec mansion at 1275 North Ocean Boulevard.