{"id":42126,"date":"2023-01-30T11:12:52","date_gmt":"2023-01-29T22:12:52","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42126"},"modified":"2023-01-30T11:12:52","modified_gmt":"2023-01-29T22:12:52","slug":"billionaire-rinehart-family-linked-to-100m-palm-beach-buys","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/billionaire-rinehart-family-linked-to-100m-palm-beach-buys\/","title":{"rendered":"Billionaire Rinehart family linked to $100M Palm Beach buys"},"content":{"rendered":"

PHOTO: Gina Rinehart with 107 Dolphin Road and 6 Via Los Incas in Palm Beach (Getty, Google Maps)<\/strong><\/p>\n

The family of Australian mining billionaire Gina Rinehart<\/a> is reportedly tied to the companies that bought two Palm Beach<\/a> homes for more than $100 million combined.<\/p>\n

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Gina Rinehart\u2019s right hand man puts mansions up for sale | WATCH<\/a><\/h2>\n<\/header>\n<\/div>\n

Rinehart\u2019s daughter, Hope Welker, is linked to the purchases, sources told\u00a0The Real Deal<\/em>.\u00a0The Palm Beach Daily News<\/a>\u00a0first reported the Rinehart family\u2019s involvement.<\/p>\n

Two similarly named Delaware entities acquired the homes at 6 Via Los Incas and 107 Dolphin Road for a total of $100.9 million in December and January, records show.<\/p>\n

In the first deal, a company tied to private equity giant Apollo Global Management sold the 8,500-square-foot mansion at 6 Via Los Incas to TT 47th LLC\u00a0for $66 million. That\u2019s nearly two times what it traded for 18 months earlier. The 0.6-acre property was developed in 1981 and includes five bedrooms, eight bathrooms, and two half-bathrooms.<\/p>\n

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Gina Rinehart buy out as part of $76m beach splash<\/a><\/h2>\n<\/header>\n<\/div>\n

In the\u00a0second deal, real estate investor Irwin Ackerman and his wife, Mary, sold the 3,600-square-foot, three-bedroom home at 107 Dolphin Road to 47th LLC for $34.9 million. It was built in 1957 on 0.2 acres, and includes deeded beach cabana access and an ocean-facing pool. Michelle Hall of Sotheby\u2019s International Realty represented the buyer. Hall didn\u2019t immediately respond to a request for comment.<\/p>\n

Gina Rinehart is worth about $30.6 billion, according to Forbes. Three of her children sued her in 2011 over their family trust, which was valued at $5 billion at the time. In 2015, a judge in New South Wales, Australia, ruled that Rinehart\u2019s oldest daughter, Bianca, would manage the trust,\u00a0the Guardian reported<\/a>.<\/p>\n

Palm Beach, a longtime magnet for old money, has seen an influx in new ultra wealthy buyers since the pandemic. Prices have soared in the island town for both waterfront and non-waterfront properties.<\/p>\n

Tom Ford\u00a0was recently revealed as the buyer of the non-waterfront home at 241 Jungle Road, which traded for $51 million in December, setting a record for dry properties on the island.<\/p>\n

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2022 Australian Financial Review rich list<\/a><\/h2>\n<\/header>\n<\/div>\n

This week, top Palm Beach broker Lawrence Moens\u00a0sold\u00a0his historic estate at 930 South Ocean Boulevard to designer Tommy Hilfiger for $36.9 million. Moens bought the home for $17.9 million in March 2021, records show.<\/p>\n

READ MORE VIA THE REAL DEAL<\/a><\/p>\n

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