Alden Capital Entity Closes $93M Palm Beach Mansion Sale
Key Takeaways
- •757 Island Dr LLC sold Everglades Island mansion for $93.3 million.
- •Buyer financed purchase with $70 million Bank of America mortgage.
- •Original lot purchase cost $39.5 million in 2021 with 371 feet waterfront.
A corporate entity connected to investment firm Alden Global Capital has completed the sale of a newly constructed Palm Beach mansion for $93.3 million, marking one of the area's highest-priced non-oceanfront transactions.
757 Island Dr LLC, which has ties to Alden Global Capital founder Randall Smith, sold the eight-bedroom residence on Everglades Island. The property spans 13,000 square feet and includes approximately 1,400 square feet of covered outdoor living areas on a one-acre waterfront lot.
The buyer, identified through property records as a trust managed by attorney Mark Meland, financed the acquisition with a $70 million, 15-year mortgage from Bank of America. The transaction represents the second-highest sale price for a Palm Beach lakefront home without ocean access.
The seller originally acquired the vacant lot in 2021 for $39.5 million. The parcel features 371 feet of waterfront along the Intracoastal Waterway, providing direct water access from the private island location.
West Palm Beach architectural firm LaBerge & Menard designed the residence in an art deco style with nautical design elements. The town's architectural commission approved the construction plans in 2022, leading to the recent completion of the luxury home.
Gary Pohrer, who joined Serhant real estate brokerage in the previous year, participated in earlier transactions involving the property. The listing appeared on Serhant's website, though details have since been removed following the sale's completion.
Alden Global Capital operates as a subsidiary of Smith Management, Randall Smith's investment vehicle. The firm maintains significant holdings in newspaper publishing, including Tribune Publishing, and has expanded into Florida real estate investments.
This sale continues a pattern of high-value property transactions by entities connected to Alden Global Capital. In the prior year, another company linked to the investment firm sold a waterfront residence on Miami Beach's Sunset Islands for $25 million. That transaction involved a 6,600-square-foot, seven-bedroom home at 2288 Sunset Drive.
The Palm Beach mansion sale reflects continued demand for luxury waterfront properties in South Florida's exclusive residential markets. Everglades Island's location, surrounded by the Intracoastal Waterway, provides privacy and direct boating access that appeals to high-net-worth buyers seeking premium coastal living options.
