Sanders Capital CEO Buys Flips Palm Beach Townhome for $27M
Sanders Capital’s Lewis Sanders with 466 South Ocean Boulevard (Sanders Capital, Google Maps, Getty)
The boss of a Canadian finance firm flipped a Palm Beach townhouse on Billionaires’ Row to a hedge fund CEO for $26.7 million — earning about an easy $1 million in the deal.
Records show Steven Hudson sold the townhome at 466 South Ocean Boulevard to 421 Willoughby Investors, a Colorado LLC managed by Aspen-based lawyer Chris LaCroix. The deed lists the buyer’s mailing address as 615 North County Road in Palm Beach, the oceanfront estate of Sanders Capital CEO Lewis Sanders and his wife, Alice Sanders.
Sanders Capital is a West Palm Beach-based hedge fund with $25 billion in assets under management, according to its website.
Hudson is the CEO of ECN Capital, a Canadian finance company headquartered in Toronto that advises on an estimated $32 billion of investments, its website shows.
Christopher Leavitt of Douglas Elliman had the listing, and Kevin Condon of Sotheby’s International Realty brought the buyer.
Hudson bought the townhome in June for $25.6 million from an affiliate of Frisbie Group, records show. Frisbie Group bought and demolished the long-standing Charley’s Crab restaurant in 2018, and completed the five-unit townhome development in 2021.
The townhouse Hudson sold spans nearly 6,000 square feet, with five bedrooms, seven bathrooms, and one half-bathroom, records and a previous listing show. The property includes a pool, wine storage room, and media room. It faces the Atlantic Ocean, which is directly across the street on Ocean Boulevard.
It is one block over from Worth Avenue, Palm Beach’s famous luxury shopping street.
It appears the Sanders will be holding onto their estate on North Country Road, as the property is not currently listed.
The couple paid $24.9 million in 2005 for the then-3.5-acre oceanfront vacant lot, with neighbors including radio host Howard Stern and billionaire Nelson Peltz. The property sat empty for decades, until the couple completed construction on their 16,400-square-foot, eight-bedroom, 12-bathroom mansion in 2021, according to records.
Coming down from a pandemic high, luxury sales in Palm Beach have slowed in volume, but that has not hampered pricing.
Real estate investor Irwin Ackerman and his wife, Mary, sold their ocean-facing Palm Beach mansion for $34.9 million earlier this month. In late December, an entity linked to Apollo Global Management sold an oceanfront Palm Beach estate for $66 million.
