Christopher Koch, whose family’s New Era Cap Company is the exclusive hat maker for Major League Baseball, dropped a record $35 million on a waterfront spec home in Jupiter.
Records show Koch bought the house at 5250 Pennock Point Road from James and Margaret Arrigo in an off-market deal. Koch is CEO of New Era, which is based in Buffalo, New York and makes hats for the National Football League and the National Basketball Association, as well as the MLB.
The sale surpasses the $34 million Jupiter record set in November by seed mogul Ronald Holden’s sale of a 1.1-acre waterfront estate in the gated Admirals Cove neighborhood.
James Arrigo is a car dealer in Florida. He co-owns Arrigo Auto Group with his brother, John Arrigo, who was tapped as Trump’s ambassador to Portugal in December, according to WPTV.
He and his wife, Margaret Arrigo, bought the 1.4-acre Jupiter site for $3.4 million in 2020, records show. A home with a pool was completed earlier this month, according to records, which do not reflect the size or floorplan of the house.
Records show Koch has owned South Florida homes before. He bought a waterfront North Palm Beach home with his ex-wife, Lindsey Koch, for $5.9 million in 2013, but deeded the property to her following their split.
Price growth and luxury sales have surged in northern Palm Beach County in recent years, fueled by inward migration of wealthy buyers from the Northeast and California. In October, disaster management mogul Nate Albers bought a waterfront mansion in Jupiter Inlet Colony for $30.2 million, making it the coastal enclave’s most expensive home.
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South Florida
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