PayPal (NASDAQ:PYPL) co-founder and Palantir Technologies (NASDAQ:PLTR) Chairman Peter Thiel has reportedly acquired a landmark estate in Buenos Aires’ ultra-exclusive Palermo Chico enclave for about $12 million, resetting the residential price ceiling for the Barrio Parque submarket.

The 17,200-square-foot property, originally designed by revered Argentine architect Alejandro Bustillo, features a French Academic facade, six en-suite bedrooms, and a marble staircase, Forbes Argentina reported on Thursday.

The deal was handled by boutique firm JdC Propiedades.

Milei Alignment Fuels Broader Investment Play

The acquisition follows reported meetings between Thiel and Argentina’s President Javier Milei. Thiel has been a vocal admirer of Milei’s libertarian austerity program, which has drawn significant interest from Silicon Valley capital.

Buenos Aires-based consultancy BuySell BA flagged the deal publicly, noting it “won’t be his last property purchase” and that associates are actively scouting additional assets.

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