Tudor Rents Space On Palm Beach Island

From Palm Beach Daily News

By Darrell Hofheinz

Daily News Real Estate Writer

Who wants a long commute to work, especially after you’ve paid more than $70 million for a mansion on Palm Beach’s oceanfront?

Not, evidently, billionaire hedge-funder Paul Tudor Jones, who is opening up an office on Bankers Row for his Greenwich, Conn.-based Tudor Investment Corp., the company has confirmed. Jones’ hedge fund has $14 billion in assets under management, according to the most recent public figures.

The fund will become the sole tenant — leasing 10,800 square feet — at 109 Royal Palm Way, which is now a vacant […] Read more

Billionaire Hedgies Work To Improve West Palm Beach

From PB Post

Purpose Built Communities, an Atlanta nonprofit backed by billionaires Buffet, former hedge fund manager Julian Robertson and Atlanta developer/former Atlanta Hawks owner Tom Cousins, spent three days touring the city and meeting with local leaders. It has its eyes on West Palm Beach’s Northwest, Coleman Park and Pleasant City neighborhoods, areas of entrenched, generational poverty, that are home to 4,700 people.

The foundation picks small…… read more

[…] Read more

Vulture Funds Target Puerto Rico

From: FCIR.ORG

Editor’s note: Puerto Rico is about to default on its $72 billion debt, and its government would like to file bankruptcy — something a commonwealth, unlike a city, is prohibited from doing. Now, there are questions about whether Puerto Rico’s debt crisis might become a national political issue. Puerto Rico Gov. Alejandro García Padilla is calling on U.S. lawmakers to allow for a bankruptcy filing from the island. He told Telemundo: “Puerto Ricans decide the elections in Florida. That’s very important. By deciding the election in Florida, we can decide [who is the next] president of the United States.” So how […] Read more

Radical Group Targets Dan Loeb’s Hampton’s Home

From USA Today

It’s summer in the city and we all know what that means: Hedge fund billionaires head to their homes in New York’s swank Hamptons beachfront area …. with angry protesters in tow.

Or so it will be this weekend for Dan Loeb, the billionaire founder of Third Point.

Loeb, worth an estimated $2.5 billion, is known for his rows with publicly traded companies, including Sony and Yahoo — a dispute that led to the board’s hire of CEO Marissa Mayer in 2012.

On Saturday, an anti-hedge fund, pro-labor group called the Hedge Clippers will gather near his swanky East Hamptons estate to protest a $5,000 fund-raiser he is holding […] Read more

Ken Griffin Affiliate Buys Another Palm Beach Home

From South Florida Business Journal

A company controlled by Chicago-based hedge fund Citadel bought a Palm Beach mansion for $15.25 million – snaring five properties on the same street of the wealthy island.

Tracy Kamenstein Markin, the widow of an automotive executive, sold the 10,873-square-foot house at 70 Blossom Way to CPPB Holdings, an affiliate of the hedge fund led by Kenneth Griffin. It was built on the landlocked site of 1.45 acres in 1987 and given an addition in 2012. The home has four bedrooms, eight bathrooms, a pool and a tennis court.

 

The buyer immediately filed […] Read more

Palm Beach: The Money Center of the Universe

From Palm Beach Daily News

By Shannon Donnelly

Daily News Society Editor

Yet one more indication that Palm Beach is the money center of the universe: In a new Forbes.com piece on the “20 Richest Families in America,” 11 – yes, 11 – of them have ties to Palm Beach.

The names include Koch (live here), Cox (live here), Hearst (used to live here), Fidelity’s Johnsons (Abigail owned a home on Root Trail), Newhouse (lived here), Lauder (live here), Ziff (still own property in Manalapan but are hoping to unload the cozy little beach shack for $175 mill), DuPont (live here), […] Read more

Florida Hedge Funder Grayson Challenges Law

From Politico

 

TALLAHASSEE, Fla. — Rep. Alan Grayson manages hedge funds that use his name in their title, a practice prohibited by congressional ethics rules designed to prevent members from using their elected post for financial gain.

The specific ethics provisions tied to the funds Grayson manages, two of which are based in the Cayman Islands, sit in a sort of gray area and have never been examined by the House Ethics Committee.

Story Continued Below

 

[…] Read more

The Party Circuit of the Super Rich

From NYT

Jean Pigozzi, the venture capitalist and art collector, was lounging by the pool at his villa in Cap d’Antibes early this month, enjoying a rare break from what he calls “the circuit.”

After attending the World Economic Forum in Davos in January, he flew to the TED ideas conference in Vancouver, mingling with the likes of Yuri Milner, the tech investor, and Larry Page of Google at the “billionaires’ dinner.” Next came the art auctions in New York and the Cannes Film Festival, where he threw a […] Read more

Paul Tudor Jones To Open Palm Beach Office

 From CTPost.com

“Connecticut’s one of the most beautiful states around, but I live in Florida because it’s a better place to do business,” said Scott, a former Greenwich resident and former venture capitalist.

Since he was elected governor in 2010, Scott said he has added 879,000 jobs in Florida and reduced unemployment from 11.2 percent to 5.7 percent, boasting that hedge funds and other Connecticut industries are bailing for his state.

“Paul Tudor Jones moved his office to Florida,” Scott claimed, referring to the billionaire hedge fund mogul from Greenwich.

But a spokesman for Jones, who this spring bought a $71 million Palm Beach […] Read more

South Florida Attracting Investment Talent

From ForwardFlorida.com  

With apologies to Horace Greeley and the cause of Manifest Destiny, hedge funds have caught the migratory fever and are loading up their wagons — albeit with office furniture — and pursuing new frontiers such as South Florida, which is viewed as being rife with opportunity (and wealthy residents).

New York-based SkyBridge Capital joined those ranks in March when it added a Palm Beach Gardens office. The site will serve as regional headquarters for Southeast sales and marketing. The $12.5 billion firm attributes its decision to the encouragement of local economic development officials, high-net-worth potential clients and existing SkyBridge […] Read more