Key Takeaways
- • Steven Schonfeld, 60-year-old founder of New York–based hedge fund Schonfeld Strategic Advisors, closed on La Reverie, a six-acre Palm Beach estate, for $111 million on December 3, 2019, establishing Florida's most expensive residential property sale on record.
- • The 84,626-square-foot mansion, originally built in 2011 and purchased from hair-care entrepreneur Sydell Miller (co-founder of Matrix Essentials), features 10 bedrooms, 22 bathrooms, bowling alley, salon, spa, ice cream stand, and candy parlor.
- • The acquisition surpassed the previous Florida record of $105 million set earlier in 2019 by the South Ocean Boulevard estate of late Broadway producer Terry Allen Kramer, establishing a new state benchmark for luxury residential real estate.
- • The property positions the Schonfeld family among Palm Beach's concentrated billionaire enclave, with neighbors including hedge fund titans Ken Griffin and Paul Tudor Jones, investor Steve Schwarzman, and President Donald Trump.
- • Schonfeld stated the vacation property acquisition signals continued capital deployment by elite hedge fund managers into Florida real estate, reflecting broader migration patterns of high-net-worth individuals to the state.
Summary
Hedge fund billionaire Steven Schonfeld completed the acquisition of La Reverie, a sprawling Palm Beach beachfront estate, for $111 million on December 3, 2019, establishing the highest-priced residential property ever sold in Florida. The transaction closed with Schonfeld's wife Brooke as co-purchaser, acquiring the property from Sydell Miller, co-founder of the hair-care company Matrix Essentials.
The 84,626-square-foot residence, constructed in 2011 across six acres of prime oceanfront real estate, represents significant trophy asset accumulation by Schonfeld, founder of Schonfeld Strategic Advisors, a New York–based hedge fund. The estate encompasses 10 bedrooms and 22 bathrooms alongside amenities including a bowling alley, professional salon, spa facility, ice cream stand, and candy parlor—features aligned with ultra-high-net-worth residential standards.
The $111 million purchase price surpassed the previous Florida record of $105 million, achieved earlier in 2019 when the South Ocean Boulevard residence of late Broadway producer Terry Allen Kramer sold. This represents a $6 million increase in Florida's luxury real estate ceiling within a six-month period, reflecting sustained demand from billionaire investors for prime coastal properties.
The acquisition situates Schonfeld within Palm Beach's concentration of billionaire wealth. Neighboring residents include Citadel founder Ken Griffin, hedge fund manager Paul Tudor Jones, Blackstone executive Steve Schwarzman, and President Trump. The property purchase underscores ongoing capital deployment by hedge fund leadership into Florida real estate, consistent with broader relocation patterns of high-net-worth financial professionals leveraging the state's absence of income taxation.
The 84,626-square-foot residence, constructed in 2011 across six acres of prime oceanfront real estate, represents significant trophy asset accumulation by Schonfeld, founder of Schonfeld Strategic Advisors, a New York–based hedge fund. The estate encompasses 10 bedrooms and 22 bathrooms alongside amenities including a bowling alley, professional salon, spa facility, ice cream stand, and candy parlor—features aligned with ultra-high-net-worth residential standards.
The $111 million purchase price surpassed the previous Florida record of $105 million, achieved earlier in 2019 when the South Ocean Boulevard residence of late Broadway producer Terry Allen Kramer sold. This represents a $6 million increase in Florida's luxury real estate ceiling within a six-month period, reflecting sustained demand from billionaire investors for prime coastal properties.
The acquisition situates Schonfeld within Palm Beach's concentration of billionaire wealth. Neighboring residents include Citadel founder Ken Griffin, hedge fund manager Paul Tudor Jones, Blackstone executive Steve Schwarzman, and President Trump. The property purchase underscores ongoing capital deployment by hedge fund leadership into Florida real estate, consistent with broader relocation patterns of high-net-worth financial professionals leveraging the state's absence of income taxation.
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