Howard Lutnick, the chairman and CEO of financial services firm Cantor Fitzgerald, has reportedly purchased a $22.75 million unit in the St. Regis Bal Harbour Resort and Residences in Florida.
The Wall Street Journal broke the news of the sale adding that Lutnick closed on the residence in early May. Yuriy Kosyuk, CEO of MHP - the Ukrainian agro-industrial firm, was the seller of the residence who reportedly purchased five separate units in the resort hotel in 2012.
Kosyuk had all the walls of the five units removed as he wanted to build a large single pad with an open plan in the area. However, the spread never completed construction and remains a raw space, said Tim Elmes - the Coldwell Banker listing agent who represented the property - to the Journal.
The space has remained on the market for quite some time with a $25 million price tag. Since Lutnick has been a regular to the resort hotel, he looked at the space several times before buying it.
While not much public detail about the space is available, the Journal reports that the residence offers a combined space of 14,000 square feet.
Check out photos of the hotel and its residence in the gallery here.
In a separate incident, the billionaire investment banker recently sued the Hampton town's planning board after they refused to allow him to build a basketball court and a barn on his property, reports Business Insider.
The Southampton Town Planning Board rejected Lutnick's building plea twice before he dragged them to court. Lutnick reportedly wants to build an 11,200 square feet barn, but the planning board denied him permission because it would block his neighbors' views.
The lawsuit is seeking $20 million in damages and holds each member of the whole board accountable!
"He's basically saying this is war - he's had enough. When you own a property like that, you don't like to be told what you can or can't do on it," one of the sued members told the New York Post.
Lutnick's firm occupied four of the upper floors of the World Trade Centers and lost more than 600 employees in the 9/11 attack. Since then, he has donated 25 percent of the firm's profits top the affected families and also covered their health insurance for 10 years, reports AOL Real Estate.