A trust connected to billionaire businessman and former Los Angeles Dodgers owner Frank McCourt has snapped up a Palm Beach, Florida, mansion for $77.06 million, according to property records.
White Sea Holdings LLC sold the home to a private trust linked to Mr. McCourt’s family enterprise, McCourt LP, in a deal that closed on Thursday, records show.
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The sale puts the 63-year-old business tycoon, whose investments range from real estate developments in Boston, Miami, New York and elsewhere to professional sports teams, half a mile away from the Mar-a-Lago Club, where President Donald Trump has spent many weekends since entering office.
The billionaire pedigree for this beachfront megamansion on Blossom Way predates Mr. McCourt.
The seller behind White Sea Holdings is Venezuelan banker and polo player Victor Vargas. The holding company is registered to the same agent who heads Mr. Vargas’ management company based in West Palm Beach, Florida, according to company filings with the Florida Department of State. The agent for Mr. Vargas was not immediately available for comment.
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Mr. Vargas bought the roughly 30,000-square-foot villa from Florida-based billionaire and entrepreneur George Lindemann and his wife, Frayda, for $68.5 million in 2008, shortly before the housing market collapsed, according to property records. The blockbuster sale was hailed at the time as evidence that South Florida’s luxury market was still going strong. (It took two more years for the high-end market in Palm Beach to completely bottom out, according to data on Zillow.)
Mr. Vargas held onto the Peter Marino-designed, Polynesian-style mansion for nearly a decade, until housing prices recovered. The home was never publicly listed.
A spokesman for McCourt LP did not immediately return a request for comment.