Resale Success: Billionaire Harvey Jones Sells Palm Beach Lot for Same Price as Purchase, Rakes in $50 Million Profit

Billionaire and long-time Nvidia board member Harvey Jones successfully sold a lakefront lot in Palm Beach for $50 million, the same price he paid for it last year. Records indicate that the 0.8-acre property at 940 North Lake Way was acquired by a Delaware entity named after the address, with the buyer’s identity remaining undisclosed.

The transaction was facilitated by Todd Peter and Frances Peter of Sotheby’s International Realty, with Christian Angle of Christian Angle Real Estate representing the buyer.

Jones, managing partner of West Palm Beach-based Square Wave Ventures, has a storied career in tech. He co-founded Daisy Systems in 1981, led Synopsys as CEO and chairman from 1987 to 1998, and co-founded Tensilica in 1997. Since 1993, he has served on the board of Nvidia, a role that has significantly contributed to his $1.1 billion net worth, according to Forbes. Nvidia’s stock has soared over 200% in the past year due to a surge in demand for AI-related chips.

In July, Jones purchased the North Lake Way property, which features 128 feet of waterfront, for $50 million and subsequently demolished the existing structure. Initially listed for $59 million in November, the asking price was later reduced to $55 million by February, per Redfin.

Jones recently acquired a new property for $74.3 million, purchasing a 10,500-square-foot mansion at 740 Hi Mount Road in Palm Beach from farming equipment heiress Candida Burnap. These transactions highlight two of Palm Beach’s significant deals in a season noted for its late start and increasing momentum.

“The last two months the market has been very active, very strong,” remarked Todd Peter.

Recent high-profile transactions in Palm Beach include spec developer Todd Glaser’s $152 million sale of Tarpon Island, the priciest home in the area this season, and Nashville financier Dennis Bottorff’s $36.9 million island home sale after just four days on the market. Earlier this month, former sporting goods mogul David Gochman sold his house for $51.3 million, underscoring the robust activity in the luxury real estate market.

Property Deals

SUNNY GROVE APARTMENTS 1440 SW 42nd Ave Miami, FL 33134

Fausto Commercial Realty is proud to present the Sunny Grove Apartments, located at 1440 SW 42nd Avenue, Coral Gables, FL. This premier multifamily property...

Flagler Street Retail Center 4735 W Flagler St Coral Gables, FL 33134

Investment Highlights: Prime Redevelopment Potential: Positioned under the Live Local Act, the property at 4731-4747 W Flagler Street offers an ideal redevelopment opportunity in...

Caribbean Shoppes | 19501-19577 NW 2nd Ave Miami, FL 33169

Caribbean Shoppes: A Stable Investment Opportunity in Miami's Growing Market Prime Location & Established Clientele: Iconic retail center on busy Highway 441 commercial corridor. Fully...

More Posts