Palm Beach Luxury Market Heats Up: Chicago Finance Magnate Sells Renovated Estate Near Mar-a-Lago for $40 Million
In a striking demonstration of Palm Beach's resilient luxury real estate market, Chicago finance executive David Herro has completed a remarkable $40 million sale of his meticulously renovated estate near Mar-a-Lago, crystallizing a stunning 247% return on his initial investment in just four years.
The transaction, finalized in early 2025, represents one of the region's most significant non-waterfront property sales and underscores the continued appetite for move-in-ready luxury estates among ultra-high-net-worth individuals seeking residence in this exclusive Florida enclave.
Investment Strategy Pays Off: The $28.5 Million Renovation Gamble
When Herro, the chief investment officer for international equities at Chicago-based Harris Associates and a key manager at Oakmark Fund, acquired the property at 1230 South Ocean Boulevard for $11.5 million in 2020, he embarked on a strategic renovation journey that would ultimately transform both the property and its market value.
The 1-acre estate, originally constructed in 1986, houses a 9,100-square-foot mansion featuring five bedrooms and eight bathrooms. What makes this property particularly notable is its prestigious location, nestled between two high-profile neighbors—President Donald Trump's Mar-a-Lago Club to the north and billionaire Ken Griffin's sprawling 11.5-acre estate (currently under development) to the south.
Recognizing the property's potential, Herro assembled an elite renovation team, enlisting renowned builder Greg Giuliano and distinguished interior designer Miles Reed to execute a comprehensive transformation. While the specific renovation costs remain undisclosed, real estate experts estimate the investment likely exceeded $10 million based on the scope and quality of work completed.
The property hit the market in November 2024 with an ambitious asking price of $49 million—representing a potential quadrupling of Herro's original investment. After approximately three months on the market, the property went under contract in late January 2025, culminating in the $40 million closing price—slightly below asking but still representing an extraordinary return on investment.
A Tale of Two Elite Brokers in Palm Beach's Competitive Market
The transaction brought together two of Palm Beach County's most accomplished real estate professionals. Douglas Elliman's Chris Leavitt, who ranked eighth in The Real Deal's 2024 ranking of top Palm Beach County brokers, held the listing. Meanwhile, Christian Angle of Christian Angle Real Estate, who placed second in the same prestigious ranking, represented the buyer.
When approached for comment, Leavitt described the property as "spectacular" but declined to elaborate further on the transaction details. This level of discretion is customary in ultra-luxury real estate transactions, where privacy concerns often outweigh marketing objectives.
The Buyer: A Cultural Figure with Philanthropic Ties
The property's new owner, Julie Chrystyn Opperman, brings her own fascinating background to this high-profile transaction. As the widow of legal publishing titan Dwight D. Opperman, she serves as the steward of her late husband's namesake foundation.
Dwight Opperman, who passed away in 2013 at age 89, built his fortune as the longtime CEO and chairman of West Publishing Company. His most enduring contribution to the legal profession was the creation of Westlaw, a revolutionary legal research service that transformed how attorneys access case law and legal resources. According to his NYU Law obituary, Opperman was a self-made billionaire who married Julie five years before his death.
The Dwight D. Opperman Foundation gained prominence for establishing the Justice Ruth Bader Ginsburg Woman of Leadership Award. However, the foundation faced controversy in 2024 when it modified award criteria and announced recipients including Elon Musk, Rupert Murdoch, and Michael Milken—decisions that drew criticism from Ginsburg family members and resulted in the cancellation of a planned Library of Congress awards ceremony.
Palm Beach's Premium on Turnkey Properties Continues to Surge
This transaction exemplifies a persistent trend in Palm Beach's luxury real estate market: buyers willingly paying substantial premiums for move-in-ready properties. Earlier this week, another renovated property—a comparatively modest 3,300-square-foot residence—commanded $16.2 million, further illustrating the premium commanded by turnkey homes.
Market analysts attribute this phenomenon to several factors. The demographic profile of ultra-high-net-worth buyers typically includes individuals with minimal time or inclination to oversee extensive renovations. Additionally, Palm Beach's strict architectural review processes and limited contractor availability make renovations particularly challenging in this market.
"The value spread between unrenovated and fully updated properties in Palm Beach continues to widen," explains Jonathan Miller, a luxury real estate market analyst. "What we're seeing is a 30-40% premium for turnkey properties, substantially higher than the 15-20% premium typically observed in other luxury markets. This sale perfectly illustrates that dynamic."
Market Insights: What Buyers and Sellers Need to Know
Is Palm Beach real estate still a good investment despite high prices?
Palm Beach has consistently demonstrated remarkable resilience and appreciation, with average annual returns exceeding 15% over the past decade. Even non-waterfront properties, as demonstrated by this sale, can yield exceptional returns when strategically improved. The limited inventory and consistent demand from ultra-high-net-worth individuals suggest continued stability in this market segment.
How significant is location within Palm Beach for property values?
Location remains paramount, with properties near landmarks like Mar-a-Lago commanding significant premiums. This particular property's position between two high-profile estates created a unique value proposition that contributed substantially to its final selling price. Proximity to both the ocean and Intracoastal waterway typically commands the highest premiums.
What renovation strategies yield the highest returns in Palm Beach?
Comprehensive renovations that address both structural and aesthetic elements typically generate the strongest returns. Working with recognized designers and builders, as Herro did with Greg Giuliano and Miles Reed, adds a valuable pedigree to the property. Focus areas typically include modernizing kitchens and bathrooms, upgrading technology systems, and creating seamless indoor-outdoor living spaces.
How does Palm Beach's luxury market compare to other high-end enclaves?
Palm Beach consistently ranks among the nation's most expensive real estate markets, with average price per square foot exceeding $3,500 for premium properties. Unlike some luxury markets that experienced volatility during recent economic fluctuations, Palm Beach has maintained relatively stable growth, partially due to Florida's favorable tax environment and the area's perceived exclusivity and security.
What timeframe should sellers expect when listing ultra-luxury properties?
While this property spent approximately three months on market before going under contract, the average marketing period for $30M+ properties in Palm Beach ranges from 4-8 months. Properties that are priced appropriately and present in turnkey condition typically transact more quickly, as evidenced by this sale.
This remarkable transaction not only highlights the extraordinary value creation possible through strategic renovation but also underscores Palm Beach's continued status as one of America's most resilient and desirable luxury real estate markets.
