Tiger Woods Pays Record $38 Million for Florida Property (KRT)—Golf superstar Tiger Woods has closed on a 10-acre Jupiter Island estate, paying a record-breaking $38 million for the expansive waterfront compound.
The deal, which is the most costly for a single-family home in Martin County history, is a record even for the exclusive residential community.
“We have not had any sale close to that on Jupiter Island,” says Andre Bourassa, president of Tequesta-based Indeco Inc. and the listing agent for the property Woods bought.
The purchase was finalized when seller Stephen Garofalo filed court records transferring the estate from his company, SAG Hobe Sound LLC, to two Connecticut firms and a trust that operate at the same Orlando address as Woods’ company, ETW Corp.
The property, which runs from the Intracoastal Waterway to the Atlantic Ocean, includes two boat docks and four houses. Local real estate agents have speculated that Woods intends to tear down the 13-year-old main house.
That’s becoming the trend in Jupiter Island, says Patricia Mead, residential manager for the Martin County Property Appraiser’s Office.
“At that price, you build what you like—but when someone comes along, they might not like that, so they’ll pay and they’ll dispose of it,” she says.
In 2004, Urban Outfitters founder and Chairman Richard Hayne paid $17 million for almost 6 acres of waterfront on Jupiter Island’s Beach Road, property records show.
“It just seems like every time you turn around there’s a new high price that’s been hit,” Assistant Martin County Property Appraiser Mike Fribourg says.
Speculation about where Woods might buy a home has persisted for a year as he and his wife—the former Elin Nordegren—scouted northern Palm Beach County and southern Martin County.
Woods’ new estate is just across the Intracoastal Waterway from golfer Jesper Parnevik and his wife, Mia, who live in Indian Hills. Elin Woods was the Parneviks’ nanny when she met Woods in 2003.
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