The vast South Florida equestrian estate of Venezuelan banker and polo fanatic Victor Vargas is back on the market a mere week after the multi-millionaire sold it—and it’s gotten an $11 million price increase.
Last week, Mr. Vargas—who has been unloading his U.S. properties left and right—sold the 62-acre estate in Wellington, Florida, to a local private equity executive for $17.1 million, more than half off his original asking price of $39 million, according to county property records.
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“In lieu of that, the buyer found it to be a sound investment,” said the current listing agent Thomas Baldwin, founder of Equestrian Sotheby’s International Realty, referring to the steep discount his client paid.
Apparently seeing an opportunity to flip the property, new owner Nate Ward, partner and co-founder of Palm Beach Capital, wasted no time putting it back up for sale. He’s asking $28 million, which makes it, once again, the state’s most expensive equestrian home on the market. Mr. Ward did not immediately return request for comment.
Mr. Vargas, who owns one of the country’s largest banks, Banco Occidental de Descuento and jet sets around the world as the owner of the Lechuza Caracas polo team, created the equine property, also called “La Lechuza,” as a place he could go on the weekends to play polo while staying at his mansion in Palm Beach, Florida, Mr. Baldwin said.
Earlier this year, the Venezuelan businessman sold off his massive oceanfront home in Palm Beach to billionaire Frank McCourt for over $77 million. He also sold an apartment in Manhattan’s celebrity-riddled 15 Central Park West in the spring for $28 million, records show.
La Lechuza, in the heart of Wellington’s horse-riding community, known as the winter equestrian capital of the world for its annual horse show, has a barn equipped with 60 stalls built around a central courtyard with an outdoor kitchen and grill. The grounds encompass two regulation-size polo fields with a quarter-mile exercise track and a grandstand.
The horse facilities also include tack and feed rooms, a wet fly-spraying system and an aquatic horse walker. There’s also a separate area for jumpers/hunters with a 12-stall barn, a sand ring, grass ring, a walker and paddocks, according to the listing. The property supports live-in staff with nine apartments and a manager’s area.
The owner’s house has four bedrooms and four bathrooms, Mr. Baldwin said. The owner and future polo team members can also use a standalone massage cottage on the property.
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