A Boston-based hedge fund manager listed his historic Florida estate for $28.5 million last week, just two years after purchasing it for $10.5 million.
Michael Rashes, a principal at Bracebridge Capital, a fixed-income hedge fund, and his wife Dena bought the 1926 Mediterranean-style home in the Palm Beach County town of Gulf Stream in May 2019, according to records with PropertyShark.
The estate offers seven bedrooms, 10 full bathrooms and four powder rooms, plus three guest villas, according to the listing with Candace Friis and Phil Friis at the Corcoran Group. There are more than 12,500 square feet of living space, and the compound is located on a beach with pink coral sand and far-reaching views of the Atlantic Ocean.
“There’s about 202 feet of ocean frontage, which is double the size of many other estates,” Ms. Friis told Mansion Global.
There are also high-impact windows and doors made by the German company Tischler und Sohn, according to the listing.
A courtyard at the center of the main home boasts a tiled fountain surrounded by trees, listing photos show. There’s an eat-in chef’s kitchen, a rooftop terrace, an office with ocean views and a primary bedroom suite with a private patio.
“When you’re on the upper-level terraces, you feel like you could be anywhere in the world,” Ms. Friis noted. “The house has a quiet, gentle nature that I love.”
There’s also a new carriage house, a guest cottage and a mirrored fitness center with a ballet barre, she said. Other amenities include a pool and pool house, a four-car garage and a media room.
The home was one of the original residences in the Gulf Stream community, an area that was built as a hub for polo, Ms. Friis said. It has a special bell that was rung when there was a win on the polo field, alerting area residents to “come for cocktails,” she added.
Now Gulf Stream, which is between Palm Beach and Boca Raton, has about 750 homes with a private police force. There’s no commercial activity, giving it a “secluded and elegant” feel, the agent said.
Mr. Rashes did not immediately return requests for comment, but Ms. Friis said the couple was not spending as much time in Florida and have decided to downsize.
Article Source: Mansion Global