Bon Jovi pays $43M for oceanfront Palm Beach estate

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July 27, 2020
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As reported in The Real Deal.

Rock star Jon Bon Jovi closed on an oceanfront mansion in Palm Beach for $43 million, after selling his home down the street for less than half of that.

The “Livin’ On A Prayer” artist acquired the seven-bedroom, 10,232-square-foot mansion at 1075 North Ocean Boulevard on the same day he sold the oceanfront home at 230 North Ocean Boulevard for $19.8 million, records show. Bon Jovi used the same LLC that sold the smaller home to purchase the larger one.

The seller of the larger estate is Jeffrey A. Marcus, a cable television mogul. Marcus sold his company to Microsoft co-founder Paul Allen in 1998 and then became president and CEO of the second largest radio company in the U.S., according to his bio. He later joined a private equity firm called Crestview Partners.

Marcus paid $23.2 million for the Palm Beach home in 2014, according to property records. The mansion, built in 2007, features a courtyard pool and cabana, exercise room, wine cellar, elevators, a three-car air conditioned garage, and two oceanfront loggias, according to the listing. It sits on a 0.66-acre lot.

On Friday, Bon Jovi and his wife Dorothea Hurley sold the new 5,024-square-foot home at 230 Ocean Boulevard. The New Jersey native and lead singer of the rock band Bon Jovi had paid $10 million for that property in 2018, knocked down the previous house, and built a new one. The Shapiro Pertnoy Construction Group built the house.

Bon Jovi’s two high-priced deals add to what has been a very active luxury home sales market in Palm Beach in the past few months. The barrier island town experienced a jump in sales as a result of the coronavirus pandemic, with two properties fetching $70 million and up.