Billionaire investor Nelson Peltz and his wife, Claudia, took out a $68.5 million mortgage on their oceanfront Palm Beach estate known as Montsorrel.
Records show the couple secured the financing from Bank of America, which has provided the couple with several loans tied to their compound at 542 and 548 North County Road over their decades of ownership. Most recently, the Peltzes took out a $40 million loan on the property in 2022, records show.
The Peltzes made headlines in 2022 when they hosted their daughter Nicola’s black tie wedding to Brooklyn Beckham, son of David and Victoria, at Montsorrel.
Nelson Peltz has a net worth of $1.6 billion, according to Forbes. He is best known as an activist investor and the head of Trian Fund Management. In 2021, the firm bought an office building in Palm Beach for $23 million. Last year he stepped down as the chair of Wendy’s, which he had helmed for 17 years, according to published reports.
The loan comes decades after the billionaire couple bought the estate. Records show they bought the 25,300-square-foot mansion at 548 North County Road for $13.5 million in 1987. It has five bedrooms and 16 bathrooms, according to property records. It was built in 1965 by Anita Young, the widow of railroad magnate Robert R. Young and sister to artist Georgia O’Keefe. Young dubbed the compound “Montsorrel,” meaning “mountain of sorrows,” according to published reports.
In 1988, an entity linked to the Peltzes bought the property across the street at 542 North County Road for $3 million, according to property records. They completed the 15,400-square-foot mansion in 1991, records show. Their compound totals 13.1 acres with two pools and two sport courts.
Palm Beach property values have grown exponentially since the Peltzes bought their estate. Palm Beach County estimates the market value of the property at $372.4 million, which is likely a conservative approximation.
They’re not the only billionaire couple tacking on a mortgage to their trophy estate. Last month, Beyoncé and Jay-Z took out a $57.8 million mortgage on their mansion in Bel Air, California, bringing their total amount borrowed on the home to $110.6 million. With a combined net worth of more than $3 billion, they are considered music’s richest couple.
