Spacious, Gracious and Priced in the Nine Figures Jeff Greene made a fortune on mortgage defaults. Now he sells to the extra-super-rich. His estate in Beverly Hills is listed for $195 million.

Jeff Greene became a billionaire during the recession by betting that people would default on their mortgages. Now, happily ensconced in a 35,000-square-foot estate in Palm Beach, Fla., Mr. Greene has a more optimistic outlook about real estate, at least when it comes to the very rich.

Standing on his private beach, the 59-year-old real estate tycoon pointed to his new luxury hotel down the shore, called the Tideline Ocean Resort & Spa.

Mr. Greene has purchased two other hotels in West Palm Beach and he is working on approvals to build two 30-story towers downtown that would house a five-star hotel, a conference center and the most expensive condos in town.

“It’s paradise here,” he says, looking out over the crystal blue water as his wife, Mei Sze, and year-old son played nearby. “And it’s just getting wealthier.”

Mr. Greene’s ultimate wealth statement, however, is a 25-acre property, the Palazzo di Amore, in Beverly Hills, Calif., that he has been turning into a Hearst Castle of the second Gilded Age.

The 35,000-square-foot main house has 12 bedrooms, 23 bathrooms, two kitchens and sweeping views of Los Angeles. There is a guesthouse, a 24-car garage and an “an entertainment complex” with its own bowling alley, rotating dance floor, D.J. booth and laser lights. The complex also has its own vineyard — a rarity in Beverly Hills — and a wine cellar that can hold thousands of bottles.

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