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Billionaire fund manager Charles Johnson has bought a home on a small island just off Palm Beach for about $15 million.
Mr. Johnson, 74, serves as the chairman of Franklin Resources of San Mateo, Calif., the fourth-largest U.S. mutual fund, managing $620 billion in assets. His new, 5,300-square-foot home, bought with his wife, Ann, stands on Everglades Island, which has several dozen homes and juts out into Lake Worth, which is part of the Intracoastal Waterway. A bridge links the island to Palm Beach. Until last year, a neighbor was Gen. Alexander Haig, Reagan's former secretary of state; Gen. Haig sold his nearby home of roughly 10,000 square feet for $15.63 million.
The Johnson home, on Island Drive, has four bedrooms and 5.5 baths, and there are 175 feet of Lake Worth frontage, a pool and a small dock. A spokesman said Franklin doesn't comment on Mr. Johnson's personal business transactions.
The couple bought the home from investor Florenz Ourisman, who paid $2.23 million for it in 1992, according to public records. Carole Ruhlman, of Sotheby's International Realty, Palm Beach, represented the seller. Liza Pulitzer, of Martha A. Gottfried, represented the buyer.
By Christina S.N. Lewis
Monday, July 2, 2007 - The Wall Street Journal Online
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