Billionaire couple sell Palm Beach mansion for $68.5M

George L. Lindemann and his wife, Frayda, sold an eight-bedroom, nine-bath home at 60 Blossom Way in Palm Beach to Victor Vargas for $68.5 million on June 5.

The 18,542-square-foot estate was built in 2000. It was designed by Peter Marino in the Polynesian style of Bali and has 320 feet of ocean frontage.

Mr. Lindemann is a self-made billionaire. He began his career in New York at his father's cosmetics and hair care firm. He later established, developed and marketed Parmalens, the first permanent-wear soft contact lens, which he sold in 1971 for $60 million.

He also created Vision Cable Communications, a cable television firm. He has served as the president and chief executive officer of Metro Mobile Communications, Inc., a specialized mobile and cellular radio dispatch company. He has also served as the CEO of Southern Union Co., a gas pipeline company.

He has acquired and managed a handful of radio stations.

He graduated from the University of Pennsylvania Wharton School.

Dr. Frayda Lindemann is the vice president of the Metropolitan Opera Association. She is also a board member and the executive committee chair at Young Concert Artists and the head of Lindemann Young Artist Development Program of the Metropolitan Opera.

She was previously an instructor of music at Columbia University and worked as an assistant professor of music history at Hunter College.

Vargas is the president of Venezuela's Banco Occidental de Descuento.

Home sales in Palm Beach dropped 14 percent in 2008 versus 2007. The median sales price is down from $1.2 million in 2007 to $1.1 million so far this year.

Address: 60 Blossom Way
Buyer(s): White Sea Holdings Llc
Seller(s): George L Lindemann and Frayda B Lindemann
Sale date: 2008-06-05

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