Following the firm to SoFla: Hedge funder buys waterfront Jupiter home

First Appeared: https://therealdeal.com/miami/2022/08/23/following-the-firm-to-sofla-hedge-funder-buys-waterfront-jupiter-home/

A hedge funder followed his firm to South Florida and bought a waterfront Jupiter home for $10.3 million.

Property records show Raymond and Terry Graziotto sold the house at 19651 Riverside Drive to Adrianne Hilton and John Hedigan. Hilton and Hedigan secured a $4.5 million mortgage from HSBC Bank in New York to complete the purchase, according to records.

Hedigan is a trader with Myriad Asset Management, a hedge fund that recently relocated to West Palm Beach. Myriad was founded in Hong Kong in 2011, and Hedigan was based there until the company’s relocation announcement earlier this year, Bloomberg reported.

Raymond Graziotto is co-founder and president of Seven Kings Holdings, a development company based in Jupiter. According to his profile on the Seven Kings website, Graziotto also sits on the board of Loggerhead Marinelife Center, a sea turtle conservation center in Juno Beach, and is vice president of the Marine Industries Association of Palm Beach County, which owns the annual Palm Beach International Boat Show.

Graziotto bought the home on a 1-acre property for $840,000 in 1999, according to records. It was built in 1994. The couple renovated the 5,962-square-foot, six-bedroom, five-and-a-half-bathroom home in 2019, the listing shows. The property includes a main house, a guest house, and 92 feet of water frontage along the Loxahatchee River.

Vince Marotta of Illustrated Properties had the listing, and Andrea Roth of Echo Fine Properties brought the buyer.

The residential market in Jupiter has taken off in recent months, responding to a ripple effect of corporate relocations to Palm Beach County. Babe Rizzuto, heir to the Conair fortune, paid $35 million earlier this month for an oceanfront estate on Jupiter Island, one of the largest deals to ever close on the island. Also this month, Mayo Shattuck, former chairman of Chicago-based utility giant Exelon, sold his Bear’s Club mansion for $15 million. Gary T. Nicklaus, the son of iconic golfer and course designer Jack Nicklaus, sold his Bear’s Club home for $7 million in March.

Brokerages have taken note of heightened demand for the area. Corcoran recently opened an office in Palm Beach Gardens, specifically to serve Jupiter, Juno Beach, and Palm Beach Gardens.