Everyone knows that South Florida is the next great hedge fund center, imminently poised to become New York, Greenwich and London all rolled into one. In fact, this great migration has accelerated, the not-at-all self-interested or likely-to-shade-the-truth Florida real-estate brokers tell us, as people flee the crowded and pestilent streets of Scarsdale and Short Hills for the crowded and pestilent beaches of Palm Beach County.

Of course, not everyone can just pick up sticks and move to Billionaire’s Row; Ken Griffin has made sure of that. Younger, less established hedge fund managers need the South Florida financier version of a starter home; even the greats don’t just splash out on a nine-figure palace right away. Luckily, the residential real-estate life cycle goes on apace, as those ready for something more suiting to their magnificence move on and leave their condos behind. And so, as Steve Schonfeld, who needs the $6.5 million, relaxes into his bowling alley with 22 bathrooms down the block from Griffin, a new Palm Beach arrival—no doubt another hedge fund manager beginning his life amidst the sand, sun and open salons—begins eyeing his next move from five dizzying stories up.

“You’re not going to find many Palm Beach penthouses like this particular one with its immense size, expansive outdoor terrace, sweeping ocean-to-Intracoastal views, and soaring ceiling heights. Delighted for my client,” Forest said….

Penthouse 4 has 7,794 square feet of living space inside and on its balconies, which are broader than others in Bellaria, records show. Accessed via a private elevator, the penthouse is in the northernmost of Bellaria’s two buildings, each with five residential floors. The condo slices through the building and has terraces on the east and west sides that capture wide views of the ocean, the Intracoastal Waterway and the city of Lake Worth, according to its sales listing.

The apartment has 14-foot ceilings throughout, with the exception of a 17-foot vaulted ceiling in the combined living-and-dining area.

Million-dollar listings: Couple sells Palm Beach condo for $6.5M; their $105M-house buy set Fla. Record [Palm Beach Post]

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