NetJets founder sells Jupiter mansion at a loss

Jersey buyer purchased waterfront home at 20% discount


The founder of NetJets, a precursor to companies like JetSmarter and JetSuiteX, just took off from his waterfront Jupiter mansion.

Property records show Richard and Margaret Santulli sold their home at 370 Eagle Drive to Stateside Investments Limited, a company with a Jersey address, for $5.73 million.

The nine-bedroom, nearly 15,000-square-foot estate was listed for about six months with Rob Thomson of Waterfront Prop. & Club Communities. It was on the market for $7 million and closed at a 20 percent discount.

The property features a master suite, hand-painted sinks, a stained glass dome skylight, five fireplaces, marble and wood floors, a full-house generator and home theater, according to the listing.

The Santullis paid $9 million for the mansion in 2002, which means they sold it at a loss. Richard Santulli founded NetJets, a company that pioneered the timeshare concept for business jets. In the late 1990s, he sold the company to Warren Buffett’s Berkshire Hathaway for $725 million.

Single-family home sales in Palm Beach County fell 3.8 percent to 1,261 closings last month, according to the Florida Realtors.

By | 2017-11-28T04:19:31+00:00 November 28th, 2017|Featured, home page, news|