Just two weeks after hedge fund manager Paul Tudor Jones II warned of the dangers of America’s yawning wealth gap at a sold-out TED Talk, he bought a $71.2 million six-acre estate in Palm Beach.
According to the Palm Beach Daily News, Tudor Jones, who founded Tudor Investment Corp., a private asset-management company, is ranked No. 352 on the Forbes list of the world’s billionaires.
The Mediterranean-style oceanfront estate, known as Casa Apava, is on Billionaires Row in Palm Beach.
“The oceanfront sale alone would rank among Palm Beach’s highest-dollar single real estate transactions ever, trailing two 2008 deals — Donald Trump’s $95 million sale of 515 N. Ocean Blvd., as well as retailer and philanthropist Sidney Kimmel’s $77.5 million sale of 1236 S. Ocean Blvd,” the Palm Beach Daily News said.
Tudor Jones co-founded the Robin Hood Foundation, New York’s largest poverty-fighting organization, as well as the Everglades Foundation, a nonprofit dedicated to restoring and protecting the Everglades ecosystem. He also recently formed JUST Capital, a nonprofit that aims to help advance corporate social responsibility in companies.
Tudor Jones, who has an estimated net worth of $4.6 billion, is critical of America’s ever-increasing income inequality, and he discussed his views in a TED Talk in March, Business Insider reports. He told the TED audience that America’s wealth gap could be closed through higher taxes, wars or revolution. BI said:
Tudor Jones said that income inequality in the U.S. is “literally off the charts” and that’s going to come along with “the greatest societal problems” such as lower life expectancy, teenage pregnancy, and lower literacy rates.
His solution is to advocate for justice in corporate behavior.
I applaud Tudor Jones’ efforts to talk about income inequality and its potentially devastating consequences, and even to try to take action to help alleviate it in some ways. However, his $71.2 million real estate purchase is a stark reminder of just how big the divide is between the haves and have nots.
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