Head of private equity firm buys next-door Palm Beach lakefront home
Investment executive Brian Simmons and and his wife, Julie, wanted a little more room, so the couple paid $7 million for a neighboring 25,290-square-foot lakefront property in Palm Beach.
Records show Duck’s Nest LLC, a company led by Simmons, bought the 4,172-square-foot house at 305 Maddock Way for about $1,680 per square foot. Brian Simmons is a co-founder and managing partner of the Chicago-based private equity firm Shorehill Capital.
The purchase comes about two years after the couple paid $5.35 million for a next door lot, where they built a custom home at 303 Maddock Way. They intend to use the property they just purchased as a guest home, according to the Palm Beach Daily News.
The land, within the Landmark Estates neighborhood, was sold by developer Paul L. “Jay” Maddock Jr. He and his family owned the original 5-acre estate before it was subdivided in 2007. His grandfather Sidney Maddock built the historic Palm Beach Biltmore, which was rebuilt after a fire in 1926 and converted into condos in the 1970s.
The Maddocks have reportedly owned the property, known as Duck’s Nest, for more than 125 years. The landmarked house was built in 1900 and just misses the mark as the oldest home on the ritzy island – that title goes to the Sea Gull Cottage near Royal Poinciana Chapel, which was built in 1886.
Subdividing larger estates is a common practice on the island. Esure insurance founder Peter Wood’s 4.3-acre estate, previously owned by the late billionaire John Kluge , is one example. Meanwhile, billionaire Ken Griffin is assembling the island’s largest estate on Blossom Way, now spanning about 17 acres.
Source: The Real Deal