American rock icon Jon Bon Jovi turned a $10 million land purchase into a major Palm Beach real estate upgrade, selling his custom-built home for nearly twice what he paid for the land before buying a much larger oceanfront estate nearby.
asserted
he → turn → estate
Property records and reports from The Real Deal show the singer sold his custom-built Palm Beach home for $19.85 million.
asserted
singer → show → million
On the same day, he bought a larger beachfront mansion for $43 million.
asserted
he → buy → million
The two deals became one of Bon Jovi's most notable real estate moves in the exclusive South Florida town.
asserted
deals → become → town
Redeveloping on North Ocean Boulevard
Bon Jovi first entered the Palm Beach market in 2018.
asserted
Jovi → redevelop → 2018
He paid $10 million for an oceanfront property at 230 N. Ocean Blvd. through a limited liability company.
asserted
He → pay → company
The property had an older house on it, which he and his wife, Dorothea Hurley, tore down to make room for a new home.
asserted
he → have → home
In its place, they built a custom Italian-style home of a little more than 5,000 square feet.
asserted
they → build → feet
The finished house had five bedrooms, five full bathrooms and three half-bathrooms.
asserted
house → have → bedrooms
It also had oak and limestone floors, cypress ceilings, a library, an elevator and a two-car garage.
asserted
It → have → floors
The property included a courtyard, a swimming pool, landscaped outdoor areas and a loggia.
asserted
property → include → courtyard
It also had direct beach access.
asserted
It → have → access
The home was listed for $22.9 million in May 2020.
uncertain
home → list → May
It sold about two months later for $19.85 million, according to Realtor.com.
uncertain
It → sell → Realtor.com
The sale price was well above Bon Jovi's original $10 million land purchase, although the cost of demolishing the old house and building the new one would have reduced the overall profit.
asserted
cost → demolish → profit
The buyer was a trust affiliated with Rob Posner, CEO of NewDay USA, according to Palm Beach Daily News reporting carried by Yahoo News.
uncertain
buyer → affiliate → News
Upgrading to a Larger Oceanfront Estate
Bon Jovi did not wait long to make his next move.
asserted
Jovi → upgrade → move
On the same day his custom-built home sold, he closed on a $43 million oceanfront mansion at 1075 N. Ocean Blvd., according to property records and The Real Deal's reporting.
uncertain
he → build → records
The new estate was much larger than the home he had just sold.
asserted
he → sell → home
Built in 2007, the Mediterranean-style mansion covers about 10,232 square feet.
asserted
mansion → build → feet
It was designed by architect Thomas Kirchhoff, with interiors by David Kleinberg.
asserted
It → design → Kleinberg
The house has seven bedrooms, seven full bathrooms and five powder rooms.
asserted
house → have → bedrooms
It also includes a formal dining room, a temperature-controlled wine cellar, a home gym, an elevator and staff or guest quarters.
asserted
It → include → room
Outside, the property has a private courtyard, a swimming pool, two oceanfront loggias and direct beach access.
asserted
property → have → courtyard
Other features include an ocean-facing library, a large owner's suite, a chef's kitchen and a three-car garage.
asserted
features → include → library
The property had originally been listed for $44.9 million before Bon Jovi bought it for $43 million.
asserted
Jovi → list → million
Resisting the Palm Beach Land Rush
Bon Jovi's move came as Palm Beach was seeing a wave of high-end real estate deals.
asserted
Beach → resist → deals
Wealthy buyers were seeking large properties, privacy and Florida's tax advantages.
asserted
buyers → seek → properties
Some buyers were also purchasing older homes and land with plans to create much larger estates.
asserted
buyers → purchase → estates
Years later, Bon Jovi's $43 million property became part of another major Palm Beach real estate story.
asserted
property → become → story
According to The Wall Street Journal and Realtor.com, an unidentified buyer began assembling several properties near Mar-a-Lago, spending roughly $250 million.
uncertain
buyer → accord → million
The purchases included two oceanfront parcels formerly owned by cosmetics heir William Lauder.
asserted
purchases → include → Lauder
The parcels covered about 2.8 acres and sold for close to $200 million, with reports putting the price near $178 million.
asserted
reports → cover → million
Bon Jovi's estate sits next to the assembled properties.
asserted
estate → sit → properties
Reports said the buyer had approached him about selling, but his property remained outside the growing assemblage.
asserted
property → say → assemblage
What began with a $10 million Palm Beach land purchase became a $19.85 million home sale and, on the same day, a $43 million upgrade to a much larger oceanfront estate.
asserted
began → begin → estate
The Aporia
