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Palatial purchase Palmer Home B&B on East Battery, known as the Pink Palace, sells for $6.5M

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Palatial purchase Palmer Home B&B on East Battery, known as the Pink Palace, sells for $6.5M

The Palmer Home, a bed-and-breakfast at 5 East Battery in downtown Charleston, will become a private residence again after it was purchased this week. The buyer is Maison Cinq LLC, owned by Scott Bessent.

Another downtown Charleston home has fetched a hefty price tag.

The Palmer Home, a bed-and-breakfast known as the Pink Palace, at 5 East Battery sold Tuesday for $6.5 million. A moving van was parked outside the three-story mansion Wednesday.

The buyer is Maison Cinq LLC, owned by Scott Bessent, the former chief investment officer of Soros Fund Management, the investment vehicle of billionaire George Soros. Bessent left Soros Fund Management late last year to start a new venture, Key Square Group, a hedge fund launched with $2 billion from Soros.

Bessent, originally from Conway, once owned a home at 78 Church St. and served on the Spoleto Festival USA board of directors. He also sits on the board of Classical American Homes Preservation Trust, led by Dick Jenrette, who owns the Roper House at 9 East Battery, next door to Bessent’s new home.

Reached by phone Wednesday while traveling, Bessent declined to comment publicly on the purchase.

The house will no longer be a bed-and-breakfast but will be restored to a single-family residence, according to Tommy Bennett with Carriage Properties, who represented the buyer in the sale.

“It’s a beautiful Greek revival house with stunning views of the harbor,” Bennett said.

Renovation is expected to take three or four years.

Built in the late 1840s on reclaimed marshland after the construction of High Battery, the three-story planter’s mansion originally belonged to the Ravenel family. A description of the house from newspaper archives in 1969 showed it having 24 rooms, five halls, six baths, four stairways and seven black marble mantels.

The earthquake of 1886 nearly destroyed the house and its exterior was rebuilt. In 1953, Dr. and Mrs. Joe Sam Palmer of Allendale bought the home and restored it before it was converted to a bed-and-breakfast several years later.

The house is among a handful of high-end properties that have changed hands recently.

Last week, the James Simmons House at 37 Meeting St. sold for $7.51 million, the second-highest ever for a downtown Charleston residence.

The highest price paid so far for a home on the peninsula was $7.72 million. A Virginia couple bought the Colonel John Ashe House at 32 South Battery last year and plan to renovate it for their principal residence.

Reach Warren L. Wise at 843 937-5524 or twitter.com/warrenlancewise.

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