After selling Rockstar Energy to PepsiCo in a deal valued at over $4 billion, Russell Weiner, who now goes by Russell Savage, has shifted his focus to high-end real estate investments in South Florida. Forbes estimates Savage’s current net worth at about $5.4 billion.
Savage began his foray into the Florida property market in September 2020 when he purchased two homes in North Palm Beach from Swedish model Elin Nordegren, the former wife of golfer Tiger Woods, for $32.9 million. Just over a month later, he sold both properties to billionaire Robert F. Smith for $48.2 million—a 47 percent gain in roughly five weeks.
Continuing his investment strategy, Savage recently signed contracts to acquire two mansions in Stone Creek Ranch, an exclusive gated community in Palm Beach County where actor Mark Wahlberg is also a resident. He is paying more than $40 million for these properties but has not yet decided whether he will keep or resell them. “While he said he’s received offers to flip both homes for millions more, ‘there is far more upside to go,’” Savage stated during an interview with The Real Deal. He added: “Everything keeps going up in Florida.” He attributed the state’s appeal to its lack of income tax, business-friendly policies and reputation for low crime.
Among his recent acquisitions is an 11,500-square-foot estate on 2.5 acres at 9303 Hawk Shadow Lane, listed for nearly $22 million with Douglas Elliman’s Senada Adžem. He also bought another mansion of similar size at 16071 Quiet Vista Circle; though it was listed at $20.9 million with Talbot Sutter of Sutter & Nugent, property records show Savage paid $16.7 million.
In August this year, Savage acquired a waterfront property at 43 Star Island Drive on Miami Beach’s Star Island for $35.3 million. The eight-bedroom mansion previously belonged to Rosie O’Donnell and features extensive water frontage and guest amenities. Savage plans significant renovations and expansion with the intention of eventually listing it for over $100 million.
He also owns a five-bedroom home at 5300 North Bay Road that developer Keith Menin purchased last year for $16.1 million; however, Savage claims ownership and has engaged Menin to oversee renovations before putting it on the market with One Sotheby’s International Realty agents Marko Gojanovic and Reid Heidenry for $32.5 million.
Additionally, Savage has been assembling land along Pine Tree Drive in Miami Beach since acquiring two parcels from Leila and David Centner in 2021 for over $35 million and foreclosing on an adjacent lot earlier this year. Construction on what is planned as a massive compound began last year but was delayed due to litigation involving his former project manager Andrea D’Alessio.
Savage continues to express confidence in Florida’s luxury real estate market: “Florida [is] the new Golden State,” he said.
