An elite member of our Haute 100 circle, Jack Welch, is proving once again why he is haute enough to make our list. The former chairman of General Electric filed a deed earlier this week, officially closing on the sale of his two oceanfront lots in North Palm Beach. Some investigative work revealed that Welch originally purchased the twin properties in South Florida’s Lost Tree Village in 2006 for a total of $7.975 million. In 2009, when the headlines have relentlessly nagged about the bursting of the real estate bubble, Welch managed to defy the odds and earn a profit on the sale of his properties. He sold the two lots at 1264 and 1284 Lake Worth Lane for $8.45 million to Johnson & Johnson chairman and CEO William Weldon.
He didn’t fare quite so hautely though on a second deal that he closed, also in Lost Tree Village. While he purchased a 10,000-square-foot waterfront home in 2007 for $7.6 million, he lost close to $2.5 million when he recently sold it to Donald Gogel, CEO of New York private equity firm Clayton, Dubilier & Rice, for $5.15 million.
Via: The Real Deal