A billionaire’s Mediterranean seaside Mallorcan mansion, designed by the man who decorated the Obama White House, has hit the market for €46 million (US$52.6 million). La Posada, a waterfront estate on the Formentor peninsula in northern Mallorca, is being sold by American investor Howard Marks, the co-founder and co-chairman of Oaktree Capital Management.
Marks and his wife, Nancy, bought the property in 2014 and enlisted interior designer Michael S. Smith—who was chosen by Barack and Michelle Obama to redesign the residential quarters at the White House in 2008—to overhaul the home.
The redesign that turned a house into a home
Although the previous owner had already renovated the house, “our ideas, along with those of our great friend and decorator Michael Smith, caused us to completely do it over again, making the spaces much more special,” Marks told Mansion Global.
Marks and Smith have a long history of collaboration, and in the 21 years they’d been working together until that point, had “built up an inventory of ideas we wanted to apply: lively colors, Moroccan tiles, Spanish and Portuguese furniture [and] lively patterns,” said Marks. “We combined all of these in a house that is beautiful and exciting as well as supremely comfortable.”
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The estate comprises a main residence, a guest house and staff quarters, according to the listing with Engel & Völkers, which brought the property to the market earlier this month. The main home has seven bedrooms—all with terrace access—including two primary suites with dressing rooms and en-suite bathrooms. There are several indoor entertaining spaces, plus a home office, a chef’s kitchen, expansive terraces, a swimming pool, a bathing platform and ocean views.
Marks’ connection to Mallorca
Marks first came to Mallorca in the summer of 2006, staying at La Residencia hotel in Deia. The couple fell in love and immediately bought a charming hilltop home there. Years later, after visiting friends with a beachfront home on the peninsula, they realized “the ability to live on the water in Formentor and swim and boat from the house was too great to pass up, as was the beauty of the site.”
The island offers everything he and his family had been looking for after years of vacationing elsewhere in Europe. “The beauty of Italy and France without the crowds. Comfortable and sophisticated, but no bling. A ‘real place’ with real towns, not a touristic resort. Comfort, not frenzy.”
The property has served as a gathering place for the family’s children, grandchildren and friends, Marks said. “It’s also terrific to have friends bring their boats to our bay.”
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He said it’s impossible to pick a favorite room, but noted that the family spends most of their time outside, making the most of the terraces, the dining patio and the poolside cabana. “The ability to look at or jump into the sea can’t be surpassed,” he said.
Marks is also selling a neighboring waterfront home for €16 million. While it can be purchased separately, the property could also serve as additional guest accommodation alongside La Posada.
The listing was managed by Engel & Völkers, which brought the property to market earlier this month.
