Hedge fund boss Kenneth Tropin has sold his 1922 beachfront estate in Palm Beach for $20.38 million, more than $5 million more than the price Tropin paid for the property in 2003.
Property records show Tropin sold the Mediterranean-style mansion to El Sueno LLC, an entity based in Providence, Rhode Island. No financing was recorded, and more information on the buyer is not available in public records.
Tropin is the chairman and founder of Graham Capital Management, a Rowayton, Connecticut-based asset manager that has an office in West Palm Beach. He purchased the home at 100 El Bravo Way in 2003 for $15 million with his wife Kathleen Tropin, according to property records. He later transferred ownership of the oceanfront property in 2012 for $12.5 million to a trust in his name.
The seven-bedroom, 14,318-square-foot mansion has been maintained and updated to feature new audio and visual, lighting and Wi-Fi, according to the listing. It also has a coquina courtyard, outdoor dining, a heating swimming pool and spa, and 165 feet of water frontage. Suzanne Trapani Frisbie of the Corcoran Group brokered the sale. She declined to comment.
The property was listed unfurnished, according to Redfin.
A number of waterfront, multimillion-dollar Palm Beach homes have traded in recent months, including the $18.7 million sale of 224 South Ocean Boulevard; the $77 million sale of 60 Blossom Way to billionaire Frank McCourt; and the $32 million deal of 1330 South Ocean Boulevard.
Tropin also owns the property at 1695 North Ocean Way, which he bought in March 2016 for nearly $44 million. It was the most expensive residential sale in Palm Beach last year. Tropin’s firm has an office at 505 South Flagler Drive in West Palm.
Hedge funds have been flocking to Palm Beach County, The Real Deal reported in its October issue. South Florida as a whole — including Palm Beach, Broward and Miami-Dade counties — is home to at least 60 hedge funds, 19 private equity firms and more than 200 family offices.