Entrepreneur jim clark has been busy with high end Florida real estate transactions this year.
After selling his sprawling Manalapan estate for $173 million in a record contract in June, the tech billionaire bought a more modest mansion in Wellington for $12 million in September.
Clark began building his fortune decades ago as the founder of Netscape, WebMD and Silicon Graphics. Forbes currently estimates his net worth at $2.9 billion.
And when it comes to spending his wealth, Clark enjoys yachting, expensive real estate, and funding start-ups.
In 2018 he sold the palm beach estate known as Il Palmetto for $85 millionafter put it on the market for $137 million in 2016.
But that deal pales in comparison to the sale he made to another billionaire last summer.
Gemini is a star property
The saga of huge estate known as Gemini began in 2015, when the Ziff family put the prestigious property on the market for $195 million. Situated on a 16-acre barrier island, the parcel offers expansive frontage to the Atlantic Ocean and the Intracoastal Waterway.
The property’s main house measures 62,000 square feet. It connects to a guesthouse on the waterway via an air-conditioned tunnel. There are three additional guest houses on the property, as well as apartments and offices for management and staff.
Naturally, there is a very small pool of potential buyers who buy into the nine-figure price range. Even smaller is the pool of buyers for a ready-made retreat in the Sunshine State – and the maintenance that comes with it.
Two years passed without a buyer; so in May 2017, the Ziff heirs reduced the price by 15%. Back on the market for $165 millionGemini was consistently one of the most expensive homes for sale in the United States. The price was further reduced to $137,500,000 in November 2017. At the height of the COVID-19 pandemic in August 2020, when luxury buyers were fleeing in Florida – the price has been reduced even further to a billionaire-friendly $115 million.
Jim Clark to the rescue
With no buyer in sight, residents were would have resigned to a subdivision of the massive domain. But Clark stepped up and made a deal in March 2021 to buy Gemini for $94,173,300, less than half his original asking price.
In a humble brag, Clark later said the purchase was a “spur of the momentdecision. He even dismissed his fellow multi-billionaire and founder of Oracle larry ellison In the process.
It was ultimately a profitable acquisition for Clark, who sold the house 15 months later for $173 million to, yes, Ellison. That’s an 84% return on investment, which is definitely better than parking your money in a CD.
(Realtor.com)
Clark gallops in equestrian country
Fresh off the sale of Gemini to Ellison, Clark’s 2000 S. Ocean Trust purchased a smaller property at Wellingtonabout 15 miles west of Palm Beach.
The seven-bedroom, 9,830-square-foot residence is part of the Palm Beach Polo Golf & Country Club.
Described as a “British West Indies-style estate,” the four-bedroom home includes a wine cellar and chef’s kitchen. A separate two-bedroom guest house includes a gym that can be converted into an additional bedroom.
(Realtor.com)
Clark bought the house from an international equestrian center Ellen Van Dyke Holtgers.
The well off town also houses Bill Gateswho bought several houses in Wellington to support his daughter’s equestrian pursuits.
Billionaire Friends Michael Bloomberg and Laurene Powell Jobs own houses nearby, too.