Stephen Orthwein Jr. Buys Palm Beach Equine Sports Complex For $24.5M With Farm Credit Financing
13056 Pierson Road
$24,500,000
$319/SF
Building Size
76,642 SF
Asset Type
Special Purpose
Closing
Aug 1, 2025
AI
The property located at 13056 & 13026 Pierson Road in Wellington, a special purpose asset, encompasses 42.05 acres and includes equestrian facilities, multiple arenas, and an animal hospital. This transaction was finalized on 08/01/2025 for a total sale price of $24,500,000, which translates to $320 per square foot based on its total square footage of 76,642.
Summary of transaction details:
- Property Type: Special Purpose
- Transaction Amount: $24,500,000
- Buyer: Stephen Orthwein Jr. - PBESC LLC
- Seller: Scott L. Swerdlin - Palm Beach Equine Sports Complex LLC
- Lender: Farm Credit of Florida
- Loan Amount: $17,000,000
Stephen Orthwein Jr., known as a competitive polo player and an heir to the Anheuser-Busch fortune, acquired the property from Scott Swerdlin’s Palm Beach Equine Sports Complex LLC. The financing for this acquisition was facilitated by a tax-exempt mortgage provided by Farm Credit of Florida.
Players
Wellington Special Purpose Market Snapshot
Boundary boundary · Special Purpose · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93