Jeff Greene has been a big buyer of property, mainly office and condos, in West Palm Beach, but this time, he sold rather than bought and has doubled his investment. Palm Beach Post reports that Greene sold 26 acres of land on the Florida Turnpike that is going to have industrial use. SunCap Property Group, which is going to develop a FedEx center, purchased it for $10.57 million, while Greene purchased the land for $5.35 million just two years ago.
“They paid a great price, ” said Greene. He wasn’t sorry to part with the land because he said, “truthfully, it’s not the core of what I’m holding.”
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Jeff Greene had humble beginnings in Worcester Massachusetts, the son of working class Jewish parents. His father sold machinery for textile mills and his mother was a Hebrew school teacher who told him to work hard, “save pennies, look for value and never pay retail.” The family moved to Florida after Jeff’s father lost his business. He sold vending machines and his mother worked as a waitress.
Greene was a Democratic candidate in the 2010 Senate election primaries in Florida. Investor John Paulson warned Greene of a housing bubble that was forming, and prior to the housing crisis of 2008, Green repositioned his investments and managed to avoid the worst of it.
