Australian mining billionaire Gina Reinhart’s family is reportedly connected to a company that bought two Palm Beach homes for more than $100 million together.
Reinhart’s daughter, Hope Welker, is involved in the purchase, sources say realThe Palm Beach Daily News first reported the Reinhart family’s involvement.
Records show that two Delaware entities of the same name acquired the homes at 6 Los Incas Street and 107 Dolphin Road in December and January for a total of $109 million.
In the first transaction, a company affiliated with private equity giant Apollo Global Management sold an 8,500-square-foot mansion at 6 Los Incas Street to TT 47th LLC for $66 million. This is almost double the trading volume 18 months ago. The 0.6 acre lot was developed in 1981 and includes 5 bedrooms, 8 bathrooms and 2 half bathrooms.
In the second transaction, real estate investor Irwin Ackerman and his wife Mary sold a 3,600-square-foot, three-bedroom home at 107 Dolphin Road to 47th LLC for $34.9 million. In 1957 he was built on a 0.2 acre site and deeded beach includes access to his cabanas and an ocean facing pool. Michelle Hall of Sotheby’s International Realty represented the buyer. Hall did not immediately respond to a request for comment.
According to Forbes, Gina Reinhart is worth about $30.6 billion. Three of her children sued her in 2011 over her family trust, which was valued at $5 billion at the time. In 2015, a judge in New South Wales, Australia, ruled that Reinhart’s eldest daughter, Bianca, manages her trust.
Palm Beach has seen an influx of new ultra-rich buyers since the pandemic. Prices for both waterfront and non-waterfront properties have skyrocketed in island towns.
Tom Ford recently set a record for dry properties on the island when he emerged as the buyer of a non-waterfront home at 241 Jungle Road, which sold for $51 million in December.
This week, Palm Beach’s top broker, Lawrence Mogens, sold his historic estate at 930 South Ocean Boulevard to designer Tommy Hilfiger for $36.9 million. Moens bought the home in March 2021 for $17.9 million, records show.