The founder of a private equity firm bought a newly built spec mansion in the Palm Beach Polo and Country Club in Wellington for $5.25 million.
Records show Ashok Nayyar and his wife, Nalene, bought the home at 2505 Cypress Island Court from Kevin and Jennifer Johnson.
Ashok Nayyar is the managing director and chief investment officer of MC Credit Partners, LP, based in Stamford, Connecticut. The firm manages funds that provide capital to middle market companies across numerous industries. Nayyar was previously the founder and senior managing director of Cyan Partners, LP. according to MC Credit Partners’ website.
The mansion first hit the market in 2018 with an asking price of $7.2 million. After a few price drops, the most recent listing price was $6.4 million in June.
Jenna Marquez of Equestrian Sotheby’s International Realty represented the sellers, while Kim Jenard of Engel & Volkers represented the buyers.
The Johnsons bought the property in 2017 for $977,500 and constructed the new 8,437-square-foot mansion in 2019, records show. According to Jenard, the Johnsons had the home custom built but decided to build a home elsewhere and never moved into it.
Yellowfin Builders constructed the six-bedroom, seven-and-a-half-bathroom mansion, while HW Interiors designed the interior. The home features a three-car garage, views of the water and a pool with an outdoor cabana.
Wellington is known for its equestrian roots and its long list of celebrity residents, including Bill Gates, Michael Bloomberg and Billy Joel.
A few equestrian estates have sold in Wellington this year. A Los Angeles private equity executive bought an equestrian estate for $12.2 million, an 80-acre estate sold for $17.45 million, and the founder of a car mat empire bought an equestrian estate for $23.2 million.