Billionaire James Dinan Pays $49 Million For Palm Beach Mansion

Billionaire hedge fund manager James Dinan founder and CEO of N.Y. based York Capital Management and co-owner of Milwaukee Bucks, and his wife, Elizabeth Miller, paid about $49.1 million for the 13,025 square-foot estates at 520 Island Drive in Palm Beach.

According to reports, Luxury home builder Corey Schottenstein of Schottenstein Real Estate Group sold the Everglades Island property.

Dinan’s net worth is $1.9 billion, according to Forbes. He’s the latest billionaire to buy a luxury estate in Palm Beach.

The six-bedroom, nine-and-a-half-bathroom estate, called Lago-a-Lago, has higher than 155 feet of lake frontage on the east and west, and docks on each side. It was designed by Roger Janssen of Dailey Janssen, with interiors by DKOR Interiors of Miami.

Records show Schottenstein’s LLC spent $12 million for the 0.9-acre lot in 2016.

The builder built the home in February 2020 and went into contract at the time for the full asking price of $45 million to another buyer, Elysa Smith.

A lawsuit 520 Island Drive LLC filed against Smith, as she allegedly defaulted on her contract and Schottenstein sued her for violation of agreement and fraud.

The demand for high-end homes on the island has skyrocketed, so he relisted the estate, and it was most recently asking $49.5 million, as the demand for high-end homes on the island has skyrocketed.

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