ZPG CEO Alex Chesterman has splashed the cash with a new home in Palm Beach, Florida which he has bought for £6.6m.
The property, which has five bedrooms and seven and a half bathrooms, is in what Americans call the colonial style.
It is a beach front property off Ocean Boulevard with a heated swimming pool and a beach garden overlooking the surf with its own shower and dining area.
Alex benefited from the island’s prime property woes, which are akin to London’s current problems. Homes are taking a long time to sell and being sold at considerable discounts.
A former Morgan Stanley banking executive had been trying to sell Alex’s property for several years through agent The Corcoran Group and it was originally on the market for $8.97 million.
The price was later dropped to £8.14 million before selling for £6.6m, so the ZPG CEO got it at a 26% off the original asking price.
Alex joins a community thronging with both US and international celebrities and business leaders including Donald Trump, whose Mar-A-Lago resort is just a few blocks down the road, as well as his former wife Ivanka Trump, Rod Stewart, Venus and Serena Williams, novelist James Patterson and Tiger Woods.
Alex’s home, which is surrounded by the island’s signature palms, features a library, a two-car garage, staff/guest suite and a recently-refurbished kitchen.
So why the investment in Palm Beach property? Alex has had nearly £30m million burning a hole in his pocket since he sold 4.25m shares in his company last year, plus a further 4.25 million shares sold last month.
His new property comes with risks. Palm Beach often weathers the brunt of inbound hurricanes and this year the area suffered significant damage during torrential rain and 80-mile-and-hour winds when Hurricane Irma passed through, cutting off power to homes on the island for 24 hours and prompting a local curfew.
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