Fourteen Years And A Demolition Later, Greg Norman Lists Jupiter Island Home For US$59.9 Million
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Fourteen Years And A Demolition Later, Greg Norman Lists Jupiter Island Home For US$59.9 Million

After years of trying to sell the Florida property, the golf legend bulldozed the original home and built a 2970sqm compound in its place

By Katherine Clarke
Fri, Jan 29, 2021 4:51amGrey Clock 4 min

Over a period of 14 years, golf legend Greg Norman has listed his home, reduced the price of his home, demolished his home and then replaced it with a large family compound filled with every bell and whistle he could think of.

Now he and his wife Kiki Norman have decided to sell, and are listing the customized compound for $59.9 million.

Named Tranquility, the 10-bedroom estate is over 8 acres and has nearly 2970sqm of living space, including the main house, a carriage house, a pool house, a guesthouse and a boathouse, according to the listing.

The home, completed last summer, has sprawling entertainment spaces, a bar, a trophy room and gallery, a large family room, an outdoor terrace, two offices, a luggage room and even a room for accessories like handbags, scarves and costume jewellery. There is also a more than 465sqm basement entertainment suite with a game room, a movie theatre and two 1900-bottle wine cellars.

Greg Norman's Jupiter Island
Photo: Robert Stevens.

“We’re on an island with hundreds of coconut trees, so it was very natural to build a coastal tropical beach house,” said Ms Norman, 52. “My goal was to make the house feel like we were on permanent vacation.”

Many of the home’s interior-design details were inspired by yachts, Ms Norman said, including a pair of navy banquettes in the kitchen custom designed to accommodate all the couple’s grandchildren. She said she also drew inspiration from the couple’s travels to places like St. Barts, the Bahamas, Jamaica and Australia, resulting in the incorporation of lacquered teak and high-gloss mahogany into the finishes.

The property is geared to the couple’s outdoor lifestyle, with a tennis pavilion and a gym. The construction of a pool house with an open terrace and two pools turned out to be a bonus amid the Covid-19 lockdowns.

Greg Norman's Jupiter Island
Photo: Robert Stevens.

“With it being open air, the pool house was the only real safe place to have a meal with a few friends or family that we trusted,” Ms Norman said. The boathouse is also used to accommodate Jet Skis, fishing rods and yacht equipment, and there is dockage for a yacht of roughly 150 feet.

The decision to sell the new home caps Mr Norman’s three decades on the island, which has since become one of the nation’s golf meccas. The area is home to several high-profile courses and training facilities. By 2016, The Wall Street Journal estimated that there were nearly 30 players on the PGA Tour residing in the area, including Tiger Woods and Dustin Johnson.

Mr Norman, 65, arrived in Jupiter in 1991, when he was introduced to the lush Florida island by golfer Jack Nicklaus, who lived in the area. Mr Norman was immediately drawn to the area’s laid-back lifestyle, which reminded him of his native Australia, and signed a contract for the house the same day he saw it.

“This gave me a compound where I could create my own private practice world,” Mr Norman said. “I had my own tee box and bunker and putting green. I would come home and people would think I wasn’t practising, but I’d be home practising and getting my game ready for the next week.”

For most of their years there, the Normans lived in a shingled cottage built-in 1902. It had its quirks. Some of the doorways were just 6 feet and 2 inches tall, and the staircase balustrade was just 30 inches high. “It didn’t have any insulation, not in the attic, not in the walls,” he said of the house. “As a matter of fact, it didn’t even have a foundation. It was basically buried into the sand dunes, and there wasn’t any hard foundation underneath.”

Greg Norman's Jupiter Island
Photo: Robert Stevens.

Mr Norman put that property on the market in 2007 for US$65 million but said he was just testing the market. It went on and off the market for roughly a decade and he and Ms Norman dropped the price to US$55 million in 2016. Still no buyers.

“I had a lot of people who came to take a look at it. A lot of my wealthy friends came,” said Mr Norman, noting that most of them concluded the house required too much work. “People wanted to have a turnkey property,” he said.

They decided to keep the property and upgrade it instead. Among the motivating factors was that the couple had a short window to take advantage of a permit they had to expand the property. The provision was sunsetting and wouldn’t be passed on to a new owner.

So three years ago, the couple tore down the existing house. “There one minute gone the next,” Mr Norman tweeted, as he watched a giant excavator tear down his home of close to two decades. Ms Norman snapped a photo as he stood in the giant hole left in the ground and pretended to play a bunker shot.

The Normans said they didn’t expect to be putting the finished product on the market so soon, but the Covid crisis made them re-evaluate their priorities. They want to travel more, they said, and spend more time in Australia with Mr Norman’s family. The couple also recently won their own battles with Covid-19. “This virus kicked the crap out of me like nothing I have ever experienced before,” Mr Norman wrote on Instagram. The couple has since fully recovered.

In addition to listing Tranquility, Mr Norman also recently made a deal to sell his ranch in Colorado, which had been on the market for $40 million, though it has not yet closed, he said.

Jill Hertzberg of the Jills Zeder Group and Michelle Thomson of the Thomson Team at Coldwell Banker Realty have the Florida listing.



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First time buyers determined to enter the Australian property market are taking creative approaches as interest rates steady

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Aspiring first home buyers are increasingly pooling their resources, adopting new strategies and making compromises to get themselves onto the property ladder, according to research from Westpac. About 56 percent of buyers surveyed are planning to buy their first property jointly with their partner compared to 40 percent three years ago. Three in four buyers say they are willing to compromise on location, up nine percent from three years ago, and 47 percent are willing to pay lenders mortgage insurance to buy their first home sooner.

Additionally, one in two first home hopefuls are considering ‘rentvesting’, whereby they purchase an investment property first ahead of a home for themselves. In this scenario, buyers typically continue renting in expensive lifestyle locations where they want to live and buy an investment property in more affordable locations, often on the outskirts of major cities or in regional areas.

The 2024 Westpac Home Ownership Report, released this month, is based on a survey of 2,015 Australians conducted in January. The report revealed increasing intentions to buy among all types of buyers, with 44 percent intending to buy in the next five years, up from 35 percent in July 2023. This may reflect expectations that interest rates have peaked, with the Reserve Bank keeping rates on hold since December.

Among first home buyers specifically, there was a slight decline in purchasing intention over the next five years, with 86 percent delaying buying a home due to cost-of-living pressures. The survey also found that more people are planning to buy an investment property, which is reflected in recent finance data from the Australian Bureau of Statistics showing a 20 percent increase in the value of investor loans issued over the past year. Additionally, more people are planning to upsize their homes or renovate their existing homes.

Westpac managing director of mortgages Damien MacRae said first home buyers “are becoming more ruthless with their goals”. “They understand it’s a big task, but they are determined to break into the market and are willing to compromise to get there,” Mr MacRae said.

Buyers still prefer houses, but there has been a five percent decline in this preference since 2021 and a seven percent increase for apartments. Preference for a townhouse, or house and land packages, has increased markedly. “Buyers are casting their expectations wider, willing to compromise on location and are forgoing everyday luxuries like food delivery. They are also more inclined to relocate and move to apartment living.”

The latest Westpac-Melbourne Institute Consumer Sentiment Index released this week shows the ‘time to buy a dwelling’ index rose 4.9 percent to 77.8 out of 100 this month, which is a 15-month high, but still relatively weak overall. Buyer sentiment is notably stronger in Victoria at 84.3, with Westpac senior economist Matthew Hassan pointing to softening home values over the past four months.

In contrast, the NSW index is at 73.3 out of 100, likely reflecting affordability challenges in Australia’s most expensive market. “Nearly 70 percent of consumers expect housing prices to continue rising in the year ahead,” Mr Hassan added.

 

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