Key Takeaways
- • Steven Schonfeld, founder of Schonfeld Strategic Advisors, closed the purchase of La Reverie for $111 million on December 3, 2019, establishing a new Florida state real estate record surpassing the previous record of $110.3 million set in summer 2019.
- • La Reverie is a 6-acre French-style estate with 70,000+ square feet of living space, including 11 bedrooms, 22 bathrooms, a bowling alley, salon, spa, ice cream stand, and candy parlor, stretching 350 feet along the Atlantic Ocean and 233 feet on the Intracoastal Waterway.
- • The property was originally listed at $200 million and was purchased from hair-care mogul Sydell Miller, representing a significant discount from asking price in the ultra-luxury segment.
- • La Reverie is located on Palm Beach's "Billionaire's Row," an exclusive enclave that includes properties owned by Ken Griffin, Paul Tudor Jones, Steve Schwarzman, and begins at Donald Trump's Mar-a-Lago Club, positioning the Schonfeld family among the country's most prominent financial titans by geography.
- • The Schonfelds will retain the property as a vacation residence while maintaining residency in New York, complementing their existing $90 million Old Westbury estate, Manhattan Park Avenue apartment, and Bellaria penthouse in Palm Beach.
Summary
Hedge fund billionaire Steven Schonfeld, founder of New York-based Schonfeld Strategic Advisors, and his wife closed on the purchase of La Reverie, a sprawling Palm Beach estate, for $111 million on December 3, 2019. The transaction establishes a new Florida state record for the most expensive residential property ever sold, eclipsing the previous benchmark of $110.3 million set just months earlier when an estate owned by late Broadway producer Terry Allen Kramer sold to an undisclosed buyer.
The 6-acre La Reverie estate encompasses more than 70,000 square feet of living space, featuring 11 bedrooms, 22 bathrooms, and an array of luxury amenities including a bowling alley, salon, spa, ice cream stand, and candy parlor. The property spans continuously from the Atlantic Ocean to the Intracoastal Waterway, with 350 feet of beachfront frontage and 233 feet along the waterway. Originally listed for $200 million, the property was sold by Sydell Miller, co-founder of Matrix Essentials and a prominent figure in the hair-care industry. Built in 2001 and designed in French architectural style, La Reverie is situated on Palm Beach's exclusive "Billionaire's Row," an enclave that begins at Donald Trump's Mar-a-Lago Club and includes properties owned by prominent finance figures Ken Griffin, Paul Tudor Jones, and Steve Schwarzman.
The Schonfeld family intends to use the property as a vacation residence while maintaining their primary residence in New York. According to a spokesman, the family—including three children—will not relocate from New York. The acquisition complements their existing real estate portfolio, which includes a $90 million estate in Old Westbury, New York, a Manhattan Park Avenue apartment, and a penthouse in Palm Beach's Bellaria luxury condo building. Despite the substantial purchase price, the Schonfelds plan further enhancements to the property, with design and decoration work to be undertaken by Michelle Gerson Interiors in collaboration with Brooke Schonfeld.
The 6-acre La Reverie estate encompasses more than 70,000 square feet of living space, featuring 11 bedrooms, 22 bathrooms, and an array of luxury amenities including a bowling alley, salon, spa, ice cream stand, and candy parlor. The property spans continuously from the Atlantic Ocean to the Intracoastal Waterway, with 350 feet of beachfront frontage and 233 feet along the waterway. Originally listed for $200 million, the property was sold by Sydell Miller, co-founder of Matrix Essentials and a prominent figure in the hair-care industry. Built in 2001 and designed in French architectural style, La Reverie is situated on Palm Beach's exclusive "Billionaire's Row," an enclave that begins at Donald Trump's Mar-a-Lago Club and includes properties owned by prominent finance figures Ken Griffin, Paul Tudor Jones, and Steve Schwarzman.
The Schonfeld family intends to use the property as a vacation residence while maintaining their primary residence in New York. According to a spokesman, the family—including three children—will not relocate from New York. The acquisition complements their existing real estate portfolio, which includes a $90 million estate in Old Westbury, New York, a Manhattan Park Avenue apartment, and a penthouse in Palm Beach's Bellaria luxury condo building. Despite the substantial purchase price, the Schonfelds plan further enhancements to the property, with design and decoration work to be undertaken by Michelle Gerson Interiors in collaboration with Brooke Schonfeld.
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