This magnificent North Palm Beach home is on the market for $42M. Jeffrey Jacobs, Cleveland real estate scion, is selling to move closer to a billion-dollar casino development project in Reno, Nevada he is currently working on.
You might recognize his name from “Jacobs Field” in Cleveland, Ohio where the MLB Indians played while Jeffrey’s family owned the team from 1986 until 1999. The stadium wore the family’s name until early 2008 when it was changed to Progressive Field. Jacobs has been Chairman and CEO of Jacobs Entertainment, Inc. since 1995. Originally engaged in the development of commercial real estate, Jacobs was responsible for the development of the Cleveland, Ohio waterfront district known as the Nautica Entertainment Complex. Additionally, Jacobs has developed numerous apartment projects including several that are recognized as cornerstones of the rebirth of Cleveland’s Historic Warehouse District.
Located in Seminole Landing at 12088 Banyan Road North Palm Beach, the 18,852 sq. ft. mansion is comprised of 9 bedrooms, 12 bathrooms, and 4 half baths. Known as “Bel Viaggio,” which translates from Italian as “Beautiful Journey,” the estate was built by architect Gene Pandula, a well-known Palm Beach preservationist, to reflect the Fatio era of the ‘20s and ‘30s with a modern-day design. Each room is inspired by works of unique art collected from world travels while also welcoming entertainment which also reflects the Fatio era. The estate comes equipped with a tower roof telescope, movie theater, and a massive pool.
The property sits on a 37,378 sq. ft. lot with 190 ft. of ocean frontage and is steps away from one of the most exclusive country clubs in the country, Seminole Golf Course. Just down the street, Tiger Woods’ ex-wife also has her property listed for sale in Seminole Landing.
Prior to his work in real estate development, Jacobs worked on Wall Street for several years where he traded 30-year U.S. Government Bonds. He combined his development and investing skills when he began to acquire control of several small-cap gaming companies, while at the same time obtaining several privately held gaming assets. The listing agents are Elizabeth Zahra and Gary Pohrer of Douglas Elliman Real Estate who currently hold this exclusive listing.
Photo Credit: Elizabeth Zahra & Gary Pohrer of Douglas Elliman