close
close

Billionaire internet entrepreneur Jim Clark is selling an oceanfront estate near Palm Beach, Florida for about $175 million, he said.

The deal is expected to be a record deal for Florida, where more than $130 million worth of home is yet to be sold, according to valuation firm Miller Samuel.

The OTC deal is expected to close this week, said Mr Clark, who bought the estate and nearby free island in March 2021 for just over $94 million. He declined to name the buyer.

The approximately 16 acre site is located on a barrier island in Manalapan.


A photo:

Eagleview

The approximately 16 acre site is located on a barrier island in Manalapan, south of Palm Beach. It was formerly owned by the Ziff publishing family.

Mr. Clarke said he and his wife Christy bought the property “spontaneously” when they thought they would be living in Florida most of the time. They fell in love with the house’s aesthetic and features like the botanical garden, he says. But after a year, they decided to stay in New York — they have homes in Bedford and Manhattan — and enroll their two young daughters in a school there, he said. Mr. Clark also sensed a headwind in the global economy and thought it made sense to sell, he said.

“In the end, we kind of thought, ‘How long are we going to go down here?’” he recalls. “I knew someone wanted it and I beat them to it, so I thought, ‘Let’s see if they want it again.’ He said Lawrence A. Moens Associates, Lawrence A. Moens Associates, brokered the deal.

Mr. Clarke said he had updated some of the mechanical systems but had not made major changes to the estate. “Look, this is a phenomenal property,” he said. “You won’t find anything like this in Florida.”

Jim Clark in 2017.


A photo:

Sean Zanni/Patrick McMullan Agency/Getty Images

The property spans the width of the barrier island, about 1200 feet at the ocean and about 1300 feet at the coastal waterway. The complex has several structures, including the main residence, approximately 62,200 square feet, clad in coral stone. There is also a seven-bedroom guest house, two waterfront cottages, and a manager’s house. The buildings are connected by tunnels that run under a road that divides the area in half. The estate also has a swimming pool, jetty, sports complex and a three-hole golf course.

Mr. Clark co-founded Netscape and several other startups, most recently digital security company Beyond Identity. He has bought and sold several other luxury homes in Florida and has said he tends to overinvest in his homes. “Until now, I have never made money in real estate,” he said.

So far, Palm Beach seems largely immune to the recent slowdown in luxury goods sales. Earlier this month, an oceanfront mansion in Palm Beach sold for about $85.9 million, less than a year after the $64 million sale, reports show. In May, the number of contracts signed for single-family homes in Palm Beach worth more than $10 million more than doubled compared to May 2021, according to Miller Samuel.

Write E. B. Solomon at [email protected]

Copyright © 2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

By them

Leave a Reply

Your email address will not be published.