Wealthy New Yorkers are flocking to Palm Beach for its favorable tax climate and social scene. In response to the demands of these affluent families, billionaire Stephen Ross plans to open a new private school in Wellington, with an annual tuition of $40,000. However, local residents express concerns regarding the school's focus on attracting wealthy migrants rather than serving existing community needs. With a limited number of scholarships, the school aims to position itself as a crucial element to attract affluent families seeking quality education for their children in the area.
That's why billionaire developer Stephen Ross is getting into the school business. This month, Ross's Related Companies got approval to build its first private school, as Bloomberg reports.
Tuition will be around $40,000 a year, and the school plans to offer scholarship for only the first five years, and only for 20 kids - or 1.2 percent of the 1,650 students.
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