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HomeMarketBillionaire Home Builder Lists Oceanfront Palm Beach, Florida, Mansion for $48.85 Million

Billionaire Home Builder Lists Oceanfront Palm Beach, Florida, Mansion for $48.85 Million

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Dwight Schar,
a real estate tycoon, former financial chairman for the Republican National Committee and once a minority owner of the NFL’s Washington Commanders, has launched his oceanfront mansion in Palm Beach, Florida, onto the market for $48.85 million. 

The five-bedroom home stands opposite the Atlantic Ocean and is one of the priciest offerings for sale currently in the exclusive South Florida enclave, which counts actor Sylvester Stallone, fashion designer Tommy Hilfiger and billionaire hedge-fund manager Ken Griffin among its well-to-do residents. 

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No telling details regarding the 8,146-square-foot home are revealed in its latest listing with
Lawrence Moens
of Lawrence A. Moens Associates, Inc., who didn’t immediately respond to a request for comment. 

However, a prior listing outlines that the three-story mansion was designed and built by prominent architect
Maurice Fatio,
who was inspired by centuries-old Mediterranean architecture. 

Mr. Schar, 80, who is worth an estimated $1.9 billion, according to Forbes, snapped up the home in 2013 for $11.5 million, records with PropertyShark show. 

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The founder of NVR Inc., one of the largest home builders in the U.S., Mr. Schar could not be reached for comment. 

Palm Beach is fresh from a third quarter that saw a slump in the number of luxury homes changing hands, a result of inventory levels that were half of what they were pre-pandemic, according to data from Douglas Elliman. 

The Palm Beach Daily News first reported the listing.

This article originally appeared on Mansion Global.


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