Ohio real estate scion and casino developer Jeffrey Jacobs is looking to sell his North Palm Beach estate for $42 million.
Jacobs, chairman and chief executive of Jacobs Entertainment, a developer of gambling and entertainment properties, is selling his 18,852-square-foot, nine-bedroom mansion at 12088 Banyan Road. He wants to be closer to a billion-dollar casino project he’s developing in Reno, Nevada, according to the Wall Street Journal.
Jacobs’ family owned the Cleveland Indians from 1986 until the early 2000s. They also previously owned the Pier House Resort & Spa in Key West.
Jacobs bought the North Palm Beach property in 2011, and knocked down two smaller homes to build his mansion. The waterfront property includes a safe room, which doubles as a hidden art gallery and movie theater, a telescope on the roof, a pool, 190 feet of ocean frontage and a garage that currently houses Jacobs’ car collection.
Elizabeth Zahra and Gary Pohrer of Douglas Elliman are the listing agents.
The property is near the Seminole Golf Club, and down the street from the home of Tiger Woods’ ex-wife Elin Nordegren in Seminole Landing.
Jacobs Entertainment led the development of Cleveland’s waterfront district, known as the Nautica Entertainment Complex. The family also developed a number of apartment projects in Cleveland. [WSJ] – Katherine Kallergis