Gates, 55, whose wealth is estimated at $59 billion, wife Melinda Gates and their three children are scheduled to move in a 7,300-square-foot, eight-bedroom house in the exclusive South Shore enclave of Mallet Hill.
The rental runs from December through May, according to two real estate sources.
Gates’ move is designed to support his eldest daughter Jennifer‘s passion for show jumping. The 15-year-old is on the junior circuit and owns several prized ponies. She’s expected to compete in the upcoming Winter Equestrian Festival.
According to county records the house, at 13808 Fairlane Court, sits on about 5 acres and features a barn and a horse-training arena. It’s also at walking distance to the Palm Beach International Equestrian Center, home of the winter festival.
“Bill Gates had his people look all over Wellington in September,” one source said. “But they liked this particular house because it’s in a secure neighborhood with one guarded access road and only 20 or so neighbors.”
Gates will be able to remain among billionaires since New York Mayor Michael Bloomberg, No. 12 on the Forbes 400 richest Americans with $19.5 billion, owns a place a few doors down. It’s mainly used by his daughter, Georgina Bloomberg, a rising star in the equestrian world.
Gates’ temporary digs are owned by well-known Wellington developer George Banks, who’s been trying to sell it for years. The property is listed for $12.9 million. Singer Madonna considered buying it last year but instead bought a horse farm in The Hamptons, N.Y.
Gates, meanwhile, seems to have a thing for the area. In 2009, reps armed with a $65 million-line of credit fanned out in Palm Beach and Martin counties to find bargain waterfront real estate. One of Gates’ investment companies, Cascade Investment, eventually purchased a $5 million house in Jupiter Island.