A luxurious waterfront mansion in Palm Beach, once owned by the late philanthropist couple Elaine and Jerry Schuster, has been sold for $42.5 million. The sale of the expansive 38,860-square-foot property took place on September 30, with PB Jungle 101 LLC, managed by Milwaukee real estate attorney Martin W. Meyer and SPW Management LLC, acquiring the estate.
The transaction was financed through a $27.63 million mortgage from Bank of America, with S. Philomena Winter, sole member of Milwaukee-based SPW Management LLC, signing the loan.
The sellers included Mark and Scott Schuster, the sons of Elaine and Jerry Schuster, along with the Elaine Schuster Revocable Trust and Brian Callahan. The Schusters, who were active in philanthropic circles, were notable supporters of the Democratic Party and closely associated with former President Bill Clinton and former Secretary of State Hillary Clinton.
Among their numerous charitable efforts, they backed the Clinton Foundation, Operation PEACE, and established the Elaine and Gerald Schuster Institute for Investigative Journalism at Brandeis University. Jerry Schuster, founder of Continental Wingate Company in Boston, passed away in 2018 at the age of 89, and Elaine Schuster passed in 2022 at 90.