A Boston-based hedge fund manager listed his historic Florida estate for $ 28.5 million last week, just two years after buying it for $ 10.5 million.
Michael Rashes, an executive at Bracebridge Capital, a fixed income hedge fund, and his wife Dena purchased the 1926 Mediterranean-style home in the town of Gulf Stream in Palm Beach County in May 2019, according to PropertyShark records. .
The estate offers seven bedrooms, 10 full bathrooms and four powder rooms, as well as three guest villas, as listed with Candace Friis and Phil Friis of the Corcoran group. There is over 12,500 square feet of living space and the resort is located on a pink coral sand beach and breathtaking views of the Atlantic Ocean.
âThere are approximately 202 feet of waterfront, which is double the size of many other areas,â Ms. Friis told Mansion Global.
Several updates have been made by different owners over the years, but they’ve tried to keep the home’s original charm, according to the agent. The materials come from all over the world, including limestone floors, cypress cathedral ceilings, imported marble and hard-to-find murals from Spain, she explained.
According to the list, there are also high impact windows and doors made by the German company Tischler und Sohn.
A courtyard in the center of the main house has a tiled fountain surrounded by trees, list photos show. There is a chef’s kitchen with dining area, a roof terrace, an office with an ocean view, and a master bedroom with a private patio.
âWhen you are on the upper level decks, it feels like you could be anywhere in the world,â Ms. Friis noted. “The house has a calm and gentle nature that I love.”
There’s also a new horse drawn carriage, guesthouse, and mirrored fitness center with a ballet barre, she said. Other facilities include a swimming pool and pool house, a four-car garage and a multimedia room.
The house was one of the original residences of the Gulf Stream community, an area that was built as a polo hub, Ms Friis said. It has a special bell that rang when there was a victory on the polo field, alerting area residents to âcome for cocktails,â she added.
Today, Gulf Stream, which sits between Palm Beach and Boca Raton, has around 750 homes with a private police force. There is no commercial activity, which gives it a “secluded and elegant” feel, the agent said.
Mr Rashes did not immediately return requests for comment, but Ms Friis said the couple were not spending as much time in Florida and had decided to downsize.