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A Hedge Funder’s ‘Upside-Down’ Oceanfront Estate Is Selling on Florida’s East Coast

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Listing of the Day

Location: Vero Beach, Florida

Price: $21.75 million

This recently renovated oceanfront home in one of Vero Beach, Florida’s high-end gated communities offers a pool, a two-bedroom guest cottage, two bars, an elevator and 130 feet of beach.

The development, known as Windsor, is a 472-acre new urbanist community on a barrier island between the Indian River and the Atlantic Ocean. It now has 350 home sites, including village homes, cottages and beachfront estates, along with a main village, a town hall, a store and a post office. 

“Everything is within walking distance,” said Betsy Hanley, president of Windsor Real Estate Inc.

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The Eton Way home is owned by Jay Newman, an American novelist and former hedge fund portfolio manager, and his wife, Elissa Kramer, a retired radiologist, Hanley said. Newman’s debut novel about dark money and global politics, “Undermoney,” was published in 2022.

The couple bought the house in 2021 and immediately began a restoration, Hanley said. “The house was built in 2003, so it wasn’t old. It needed some updating, and they refreshed it.”

She described it as an “upside-down house,” with the main living spaces on the second floor to take advantage of the beach and ocean views out beyond the sand dunes.

Architectural and design details include a front entry garden, an auto court, a mix of hardwood and stone floors, columns, French doors, crown moldings and built-ins.

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The front door of the home opens to a central entry hall with dual curved staircases that lead up to the oceanfront great room, which has living and dining spaces, a bar, a double vaulted ceiling and two fireplaces, one at each end of the room, according to the listing. 

To the left is the renovated kitchen and a casual seating area, Hanley said. This level also holds an office, a den and the primary bedroom wing, which has vaulted ceilings, a private covered porch with direct access to the pool and beach, a stone-clad bathroom with two walk-in closets, and a study with a private west-facing balcony.

The ground floor has four en-suite bedrooms and a game room with a wet bar and a fireplace that opens to a loggia, the pool terrace and the dune crossover to the beach, according to the listing. 

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“Everything has views out to the Atlantic, and this is not a very busy beach,” Hanley said.

Meanwhile, the greater community is really a unique community in Florida, she said. It was developed in 1990 by Galen and Hillary Weston, “who wanted a place in the sun for themselves and like-minded people.”

The community’s relaxed atmosphere is a “whole different vibe and feel than the rest of South Florida,” Hanley said. The least expensive home in Windsor is now listed for $4.7 million and “it will probably go for higher than that,” she said.

Florida is made up of a lot of “little suburban communities where you may wave at your neighbors,” she said. “Here, you’re walking or on a golf cart and you really get to know your neighbors.”

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Stats 

Including the two-bedroom guest cottage, there are 9,829 square feet of interior space with seven bedrooms, six full bathrooms and three partial bathrooms. The home sits on a 58,813-square-foot lot.

Amenities 



Amenities include a pool, two two-car garages, multiple loggias and porches, 130 feet of beach frontage, an elevator, a private walkway over the dunes to the beach, two bars and three fireplaces.

Windsor community amenities include golf, tennis, croquet, equestrian facilities, a beach club and a gun club.

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Neighborhood Notes 



The home is on the east side of Highway A1A, very close to the amenities and beach club, Hanley said. It’s about 10 minutes to Vero Beach, a “quite charming community. It still has a little bit of that small-town charm.”

It’s about an hour-and-20-minute drive to the airport in Orlando and an hour and thirty minutes to the one in Palm Beach, she said.

Agent: Betsy Hanley, president of Windsor Real Estate Inc. and president and CEO of Torwest Inc., the development company.

View the original listing.

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