Hedge funder Jay Newman looks to flip $22M Florida home

Jennifer Gould

Real Estate

gimme shelter

By Jennifer Gould

A hedge fund manager turned novelist is listing his Vero Beach, Florida, property for $21.75 million — after buying it for $8 million in April 2021.

Jay Newman, who was named one of “the most powerful New Yorkers you’ve never heard of” by New York magazine is also the author of “Undermoney,” a financial thriller that, in part, explores the subversion of American democracy by foreign kleptocrats controlled by Russian dictator Vladimir Putin.

Newman and his spouse, retired radiologist Elissa Kramer, are selling in Vero Beach and buying in South Beach to be closer to their son, Newman told Gimme Shelter.

The fully renovated property, with 130 feet on the ocean, is at 10570 Eton Way, and sits on 1.35 acres.

It features a five-bedroom main house, built in 2003, coupled with a two-bedroom carriage house. It’s part of a gated community named Windsor, which was developed by Torontonian Hilary Weston and her late husband, the British-Canadian billionaire Galen Weston.

“It’s a beautiful community, thanks to the Westons, and architecturally unique in that Anglo-Bahamian style,” Newman said. “The best thing about the house is that it’s right on the beach. If you have dogs, you have miles of beach that is pretty much unused. It’s amazing.”

In 2023, Newman and Kramer also sold their 165-year-old West Village townhouse — designed by James Renwick Jr., the architect of St. Patrick’s Cathedral — for $18.5 million, as Gimme revealed exclusively.

Newman made his name at Paul Singer’s Elliott Management, where Newman was the architect of a strategy to buy Argentine debt. At one point in 2012, Elliott Management “forced the seizure of the Libertad, an Argentine naval vessel, as collateral for the sovereign debt that Elliott had purchased and that Argentina had defaulted on,” wrote New York magazine, which called it, perhaps, “the most infamous — or maybe just the most theatrical — power move in Wall Street history.”

Argentina eventually paid Elliott Management a reported $2.4 billion — a return on more than 10 times the initial investment.

Newman, who left Elliott in 2016, is now advising clients on arbitration awards and exploring ways, he said, to “assert creditors’ rights, because they need protection too.”   

The listing broker is Betsy Hanley of Windsor.