Billionaire hedge fund manager and Milwaukee Bucks co-owner James Dinan purchased a waterfront spec mansion in Palm Beach.
Dinan, founder and CEO of New York-based York Capital Management, and his wife, Elizabeth Miller, paid about $49.1 million for the 13,025-square-foot estate at 520 Island Drive. Luxury home builder Corey Schottenstein of Schottenstein Real Estate Group sold the Everglades Island property, records show. The price likely does not include commissions and other costs, including furniture.
Corey Schottenstein (Schottenstein Real Estate Group)
Dinan’s net worth is $1.9 billion, according to Forbes. He’s the latest billionaire to buy a luxury estate in Palm Beach, where residential inventory is scarce and most deals are now off market.
Chris Deitz of William Raveis and Lawrence Moens of Lawrence A. Moens Associates represented the seller. Suzanne Frisbie of Premier Estate Properties represented the buyer.
The six-bedroom, nine-and-a-half-bathroom estate, called Lago-a-Lago, has more than 155 feet of lake frontage on the east and west, and docks on each side. It was designed by Roger Janssen of Dailey Janssen, with interiors by DKOR Interiors of Miami.
Records show Schottenstein’s LLC paid $12 million for the 0.9-acre lot in 2016.
The builder completed the home in February 2020, and went into contract at the time for the full asking price of $45 million to another buyer, according to a lawsuit 520 Island Drive LLC filed against the buyer, Elysa Smith. She allegedly defaulted on her contract and Schottenstein sued her for breach of contract and fraud. Court records show Schottenstein’s entity won a $4.5 million judgment in the case.
He relisted the estate, and it was most recently asking $49.5 million, according to Realtor.com.
The demand for high-end homes on the island has skyrocketed. This month, payday lender W. Allan Jones flipped his waterfront home for $41.7 million, four months after buying it for $26.1 million.
In March, hotelier Beatrice Tollman sold her waterfront Palm Beach estate for $57 million.