Real estate developer and entrepreneur Don Peebles – a former member of Barack Obama’s National Finance Committee – is selling his Sag Harbor, New York home for $10 million. The palatial estate, on 10-plus acres, is being listed with Paul Brennan of Douglas Elliman.

The property includes a 7,000-square-foot main residence, pool and conservatory. The custom-built three-story home has six bedrooms and four full bathrooms (and two-half baths), three fireplaces and a three-story dumbwaiter.

Peebles, 57, is the Founder, Chairman and Chief Executive Officer of the Peebles Corporation, the largest African American-owned real estate development and ownership company in the U.S. The firm has a multibillion-dollar development portfolio of luxury hotels, high-rise residential and commercial properties.

Projects include the Royal Palm Hotel, a 420-room hotel in Miami Beach, and the Residences at the Bath Club in Miami Beach, a 1928 private club that was restored and developed with 107 luxury condominiums and six oceanfront villas. The company also developed a Standard Hotel in D.C. as well as a luxury condo building in Tribeca, 108 Leonard Street.

African Americans are still rare in the top tiers of real-estate development. In an 2014 interview with the Wall Street Journal, Peebles revealed that people would often underestimate him as an African-American on the rise in the industry. Since there weren’t any industry mentors for him to look up to, “I had to figure it out myself through trial and error,” Peebles told the paper.

Peebles has written two best-selling books on wealth and investing.

Source: Forbes.com