Private equity billionaire Greg Mondre dropped $58 million on an oceanfront lot in Palm Beach, after spec developer Brian Stock abandoned efforts to build a mansion on the property.
Mondre bought the 1.2-acre parcel at 965 North Ocean Boulevard from Stock’s 965 North Ocean Boulevard LLC, sources confirmed. Listing sites show the deal has closed, but the deed has yet to appear in public records.
Lawrence A. Moens with Lawrence A. Moens Associates had the listing, and Marley Overman with Illustrated Properties brought the buyer.
Mondre is co-CEO of the Menlo Park-based private equity firm Silver Lake. Forbes estimates his net worth at $2.3 billion. He sits on the boards of GoodRx, Fanatics, Vantage Data Centers North America and media firm Red Ventures, according to Silver Lake’s website. Ric Elias, the billionaire Red Ventures co-founder and CEO, sold his Palm Beach mansion for $73 million in March.
It’s not Mondre’s first Palm Beach purchase. Sources confirmed he was the hidden buyer in the $31 million purchase of the house at 1160 North Ocean Boulevard in March. Overman, along with Serhant’s Gary Pohrer, has the listing for the home, which is being advertised as a teardown for $39.5 million, according to Zillow.
Records show Mondre also owns a home in the exclusive Lost Tree Village community in North Palm Beach. He bought the house at 11739 Lost Tree Way for $7.2 million in 2018, according to property records. That brings his total spend in Palm Beach County to at least $96.2 million.
The 1.2-acre lot at 965 North Ocean Boulevard has 150 feet of waterfront. Stock, who heads Naples-based Stock Development, bought the site for $34.2 million in 2021, according to property records. His efforts to build a spec mansion on the site stalled out after Palm Beach’s Architectural Commission rejected proposed designs.
Mondre’s neighbors on either side of the North Ocean Boulevard property will be Phillies owners John and Leigh Middleton, who bought their home at 947 North Ocean Boulevard for $19.3 million in 2010, and chemical heiress Nicole du Pont Limbocker at 977 North Ocean Boulevard, property records show.
Deals are ramping up in Palm Beach as the island’s busy season approaches. Earlier this month, billionaire SC Johnson heiress Winifred Johnson-Marquart dropped $30 million on a landmarked home on the island.
