Jeff Greene is worth $2.3 billion, at leastaccording to Forbes, but he still needs a loan from time to time.
The wealthy real estate investor and his wife recently obtained a $30 million mortgage on their oceanfront Palm Beach home from Wells Fargo Bank (NYSE: WFC). It covers the 11,796-square-foot mansion on 3.6 acres at 1200 S. Ocean Blvd., which includes a tennis court. Greene bought it for $24 million in 2009, the year before he made an ill-fated attempt to win the Democratic nomination in the U.S. Senate race in Florida.
Since Greene doesn’t keep his homestead on the property, his tax bill in 2012 was $388,480. That sounds like a lot for the average Joe, but not for a billionaire.
According to the loan documents, the initial interest rate will be 2.75 percent for the first 10 years. (Don’t try asking your banker for such a low rate or you’ll be laughed out of the building.) After that, the rate will go adjustable at LIBOR plus 2.25 percentage points, but could be no more than 7.75 percent.
In April, Greene filed notice with the county that he was renovating his mansion, including the addition of two new structures, two pools, a fountain, spas and a guest house.
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