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Michael Jordan’s business manager pays $5.4 million for Palm Beach condo: deed

Posted On: 05-29-2018

Curtis J. Polk, business manager of basketball great Michael Jordan, has paid a recorded $5.4 million for one of the most distinctive condominiums in Palm Beach.

Polk bought the historic, two-story Alba Suite at the Palm Beach Biltmore from the estate of the late Leandro Rizzuto Sr., the billionaire founder and chairman of Conair Corp. Rizzuto died Dec. 5 at 79 and had longtime ties to Palm Beach.

Polk also is the minority owner of the Charlotte Hornets basketball team in North Carolina. Jordan is the majority owner of the NBA team and chairman of Hornets Sports & Entertainment, where Polk is vice chairman and managing partner.

Originally a hotel opened in 1926, the Palm Beach Biltmore was converted to condominiums in the late 1970s. Photo by Brian ... Read More

Polk bought condo No. 115 — with many of its original interior details from the 1920s intact — via a deed recorded Friday by the Palm Beach County Clerk’s office.

The five-bedroom apartment has 6,378 total square feet on the building’s first and second floors. The price Polk paid works out to about $834 per square foot.

On the southeast corner of the landmarked structure, the apartment dates to 1926 when the building opened as The Alba Hotel, named for Spain’s duke and duchess of Alba. The Alba Suite was considered the hotel’s best room when it opened and remained intact when the hotel changed names and was ultimately converted into condominiums in the late 1970s.

Just sold for $5.4 million, the Alba Suite condominum at the Palm Beach Biltmore as five bedrooms and 6,378 total square ... Read More

The condo features a private elevator, an expansive living room with a 20-foot beamed ceiling, and antique chandeliers and sconces. The layout includes a master suite, four guest bedrooms with en-suite bathrooms, a grand staircases, a media room, a formal dining room and a well-equipped kitchen, according to the sales listing in the Palm Beach Board of Realtors Multiple Listing Service. The apartment changed hands with a poolside cabana, three garage parking spaces and two on-site storage units

Polk, who is married to Amanda Polk, owns no other property in Palm Beach County under his name, a search of courthouse records showed.

Agent Shirley Wyner of Palm Beach’s The Fite Group listed the condo in January at $6.7 million, a price later dropped to $5.975 million. Agent Madison Collum of One Sotheby’s International Realty in Palm Beach Gardens acted on Polk’s behalf in the transaction.

Wyner and Collum declined to comment, and Polk couldn’t be reached.

The kitchen in Palm Beach Biltmore’s Alba Suite, which just sold for a recorded $5.4 million. Photo by Living Proof Real ... Read More

Rizzuto had paid $3.75 million for the condo in March 2011, records show. Wyner handled both sides of that transaction when she owned the since-closed Barclays International Realty.

Rizzuto for years ranked among Palm Beach’s billionaires based on financial data compiled by Forbes.com. He was tied for No. 212 on the 2017 Forbes 400 list, and No. 367 on Forbes’ list of world billionaires. His primary home was in Sheridan, Wyo.

Conair’s brands include BaByliss, Cuisinart and Waring; its produce lineup includes salon products, personal care products, kitchen appliances and cookware.

Carl L. Reisner sold the apartment as trustee of a trust in Rizzuto’s name, the deed shows.

Polk manages Jordan’s financial and business affairs and related companies, according to a biographical sketch on the Hornets’ website. He has worked for Jordan since 2001 and was previously executive vice president of SFX Sports and president of its related financial services affiliate SFX Financial Advisory Management Enterprises.

In 2013, Jordan married Yvette Pietro at The Episcopal Church of Bethesda-by-the-Sea in Palm Beach.

Jordan has a custom home in Jupiter, which he owns through a limited liability company. Polk is listed in property records as the contact for that house in the Bear’s Club golf course community. Jordan also is one of the owners of the new 1000 North restaurant on the Jupiter waterfront.

 

 

 

Source: Darrell Hofheinz, May 29, 2018, Palm Beach Daily News

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