A company tied to hedge funder Randall Smith has cashed out of an under-construction Palm Beach mansion, selling the project for about $93.3 million and setting a high bar even by island standards.
The eight-bedroom, roughly 13,000-square-foot home at 757 Island Drive sits on nearly an acre on Everglades Island, with about 1,400 square feet of covered outdoor living space. The deal ranks among the season’s priciest lakefront, non-oceanfront trades on Palm Beach, putting a partially finished build right alongside some of the town’s most rarefied sales.
Public records show that 757 Island Dr LLC was the seller, and that a trust managed by attorney Mark Meland bought the property and financed the purchase with a $70 million, 15-year mortgage from Bank of America, according to The Real Deal. That outlet also reports the seller paid about $39.5 million for the corner lot in 2021 and that at least one filing for the selling entity is tied to the Smith family through an Englewood, New Jersey address. The home, described as an art deco inspired design with nautical details by Daniel Menard of LaBerge & Menard, was approved by the Town of Palm Beach’s architectural commission in 2022 and earlier in its listing run was marketed on Serhant.
Rare Corner Lot and Local Scrutiny
The property occupies the southwestern tip of Everglades Island, giving it extended lake views on two sides and turning the lot into a recurring topic during town review sessions. Town archives and architectural records show prior design submissions and official sign-offs that shaped the current plan for 757 Island Drive.
The Preservation Foundation of Palm Beach holds archival material tied to earlier iterations of the site, while public listing records on Realtor document the parcel’s dimensions and sales history.
Alden Global’s South Florida Footprint
Alden Global Capital, the hedge fund founded by Randall D. Smith and operated through Smith Management, has been an active buyer of South Florida real estate while at the same time assembling a large portfolio of U.S. newspapers. The firm’s acquisition of Tribune Publishing and other media properties has made it a steady presence in both local real estate chatter and national media coverage. For background on the firm and its holdings, see Alden Global Capital.
What the Sale Signals on the Island
The trust structure and sizable mortgage suggest a buyer with the financing and appetite to keep construction moving quickly, or to treat the finished mansion as a long-term trophy asset. The Real Deal also notes that another Alden-linked entity sold a Sunset Islands waterfront home for about $25 million in 2025, underscoring the group’s ongoing activity in South Florida real estate.
Local trackers of Palm Beach sales say multiple properties have sailed past the high-end threshold this season, a pattern monitored by area firms and reporting outlets, including Rabideau Klein. Whether the trust sticks with the already approved plan for 757 Island Drive or comes back with tweaks will show up in future permit filings and dock applications at Town Hall. For now, the deal is one more sign that deep-pocketed buyers remain ready to finance and close on trophy parcels in Palm Beach’s tightest neighborhoods.
