As the New York Times suggests, while you’ve probably never heard of Ric Elias‘s digital media company, chances are you’ve been on one of its websites. The billionaire CEO of Red Ventures, which owns Bankrate, CNET, and The Points Guy, has just sold his Palm Beach, Florida mansion for $73 million.
The all-cash deal was the second highest of the year so far in the ritzy enclave, behind Estee Lauder heir William Lauder‘s estate, comprising two oceanfront lots that sold for $177.8 million. According to the New York Post, Elias’ buyers plan to start enjoying the home as soon as they open the front door, as the deal included all furnishings.
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Miracle On The Hudson
Luck seems to follow Elias around. All cash buyers for such a lofty price are hard to come by. Also, in 2009, Elias was one of the survivors of the “Miracle On The Hudson,” when Capt. Chesley “Sully” Sullenberger made an emergency landing, flying US Airways Flight 1549 on the Hudson River. Douglas Elliman’s “Rookie of The Year” for 2024, agent Jack Rooney repped both the buyer and the seller in the Eias sale.
“This deal shows the heat of the market,” Rooney told the Post. “People in Palm Beach are willing to pay a premium for newly completed development on the beach. All you have to do is bring your toothbrush and walk right in.”
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A Nearly $40 Million Profit In Five Years
Though French Provincial in style, the eight-bedroom, 14,900-square-foot home is relatively new. In 2018, insurance mogul Sir Peter Wood built it as a spec home. He sold it to Elias for $37.25 million in 2020, who stands to make almost $40 million in profit after holding the house for only five years, amounting to nearly $8 million in equity per year.
According to Red Venture's website, Elias, a native of Puerto Rico and graduate of Boston College and Harvard Business School, co-founded Red Ventures in 2000. Forbes estimates his net worth as $1 billion from purchasing specialized websites. His biggest acquisition was the finance site Bankrate, which Red Ventures acquired for $1.24 billion in 2017. The company also paid $500 million for consumer tech review site CNET in 2020.
Three Things I Learned When My Plane Crashed
Following his experience on Flight 1549, Elias gave a TED Talk titled “Three Things I Learned When My Plane Crashed.” In 2019, he launched a podcast of the same name, in which he interviews experts and leaders in business, personal development, and leadership.
“This is the perch from where I’m going to live the rest of my life,” Elias told the New York Times in 2021, describing his decision to change his company’s trajectory and engage in altruistic causes following his near-death experience. “We’re not going public, we’re not selling. Red Ventures, as is, will never be a public company as long as I’m running it.”
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