A West Palm Beach, FL, billionaire is getting his way and snatching up a portion of a public street to build a private compound.
Paul Tudor Jones has won his request to buy a section of Essex Court to create a private, gated compound for two homes he’s building along the waterfront.
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It’s costing him $220,000 to buy a portion of the street. The West Palm Beach City Commission approved his request at a March 17 meeting.
The area he’s getting is south of the Southern Boulevard community nicknamed SoSo.
Jones bought 215 Essex Lane last year for $6.4 Million, according to Realtor.com®. That’s in addition to two waterfront properties between Plymouth Road and Bunker Ranch Road—both are currently under construction. He purchased those parcels for $9.87 million in 2021.
Master plans
Jones now has about 2.3 acres in that area.
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Essex Lane has a unique layout and dead ends to a “T” at Essex Court (which is also a dead end), according to the Palm Beach Daily News. A portion of Essex Court would be closed without blocking other driveways.
Once the sale officially goes through, Jones would own about 65 feet of Essex Court.
The designer working with Jones is Brian Cheguis, a planner with iPlan & Design. He told the paper the Plats and Review Committee approved the proposal and it was also vetted by the fire department.
According to the documents submitted to the planning commission, Jones owns adjacent properties “directly north, east, and west.”
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Cheguis said they were told how much space was needed.
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“So we left 30 feet from the swale back, and that’s what we had to do to satisfy that,” Cheguis said. “The gates will be pulled back, and there is still a portion of the road available. It’s really not that big of a deal.”
The city agreed to the plan to sell a portion of the road, as long as Jones pays the $220,000 within 12 months.
Pushback to the plan
Not all neighbors are happy with Jones’ plan. Many are concerned about losing part of the road and not having enough street parking. They also point out there will be less room for service trucks and emergency vehicles to get around. They are debating the 30-feet measurement.
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“This guy has more money than we do, and as a billionaire, he’s probably used to getting everything he wants,” a neighbor told the Daily News. “It’s just like they’re moving in and taking over.”
It’s not the first time multiple properties have been connected to create a compound. Hedge fund manager Ken Griffin scooped up 25 acres of ocean-to-lake land over the course of seven years.
Another hedge fund manager, Kenneth G. Tropin, combined two lots in Palm Beach to create a 6-acre oceanfront estate. Billionaire William P. Lauder, heir to Estee Lauder cosmetics, bought two oceanfront lots, tore down a 6-year-old mansion on one lot and sold them as a pair for nearly $165 Million.
The pattern of combining lots to make a private compound is less common in neighboring West Palm Beach, but the COVID-19 pandemic changed that. Home sales skyrocketed in Palm Beach, and people looking to spend big bucks moved across the Intracoastal Waterway into West Palm Beach.
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Now, West Palm Beach is gaining the nickname “Wall Street South,” which has boosted real estate sales in the city.
The median list price in West Palm Beach-Miami-Fort Lauderdale metro is $515,000.
“It’s unique in West Palm Beach because you really have to control a lot of the property for it to become a viable option,” Chenguis told the publication. “This is an easy-peasy application. We have all the scientific and engineering reports saying it is not going to be an issue.”
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Realtor.com reached out to Cheguis, who is representing Jones’ compound designs.