Marathon Asset Management CEO Bruce Richards bought a non-waterfront lot in Palm Beach for $19.5 million, adjacent to President Donald Trump’s Mar-a-Lago Club and several of the Trump family’s island homes.
Records show 1090SOcean LLC, a Florida entity managed by attorney Bradley McPherson, sold the 0.4-acre property at 1090 South Ocean Boulevard to a Delaware entity named for the address and registered to Richards’ 15 Central Park West condo.
The property was first listed in January as a spec home asking $45 million. The sale includes approved plans for a 13,400-square-foot mansion with six bedrooms, eight bathrooms and one half-bathroom, the listing shows.
Margit Brandt of Premier Estate Properties represented both the buyer and the seller in the deal.
Richards is the co-founder and CEO of Marathon Asset Management in New York City. The firm works across asset classes in public and private credit and has more than $23 billion in assets under management, according to its website. Richards bought unit 12A in Central Park West for $19.4 million when the building was completed in 2008.
The Palm Beach site last sold for $5.6 million in 2021, records show. The 1090SOcean LLC secured approval for the plans, a process that can take years in Palm Beach, agents say. The property, which is one the corner of South Ocean Boulevard and Woodbridge Road, includes deeded beach access and membership to Trump’s Mar-a-Lago Club at 1100 South Ocean Boulevard.
The 1090 South Ocean Boulevard property is directly next door to the home of Trump’s sister, Elizabeth Trump Grau, and catty-corner to Trump’s oceanfront mansion at 1125 South Ocean Boulevard, property records show. Trump listed it for rent in 2023 asking $195,000 per month, and a multi-year lease was signed after the price dropped $149,000 per month.
