Latest news with #KellyJ.Roberts
Yahoo
14-05-2025
- Business
- Yahoo
Beach home brings $48.5M in Palm Beach. It last sold for $16M before the pandemic boom.
A direct-beachfront estate on the far North End of Palm Beach has sold for $48.5 million — or about $32.55 million more than it sold for six years ago, before the coronavirus pandemic arrived and helped launch a real estate boom that sent property values through the ozone layer. The estate at 1519 N. Ocean Way is ripe for renovation or replacement, according to the Corcoran Group's sales listing. The new owner is Kelly J. Roberts of Laguna Beach, California, the deed recorded May 14 shows. Married to Duane Roberts, she bought the estate as trustee of a community property trust in both their names. When two limited liability companies bought the property in May 2019, the entities were linked in public records to financier Edward A. Mule and Marian Mule of Greenwich, Connecticut. Their two companies paid a recorded $15.95 million for the bulk of the property and $936,571 for a side yard, property records show. Edward Mulé co-founded and is CEO and chief executive officer, co-founder of Silver Point Capital LP, a Greenwich-based hedge fund. The company has additional offices in Chicago; London; Stamford, Connecticut; and Charlotte, North Carolina. The sale was first reported by the Wall Street Journal on May 14, the day the transaction closed. Real estate attorney Maura Ziska signed the deed to sell both of the estate's parcels. She acted as the 'authorized signatory' of the two selling entities — 1519 N. Ocean Way #1 LLC and 1519 N. Ocean Way #2 LLC, both registered in Delaware. The buyers are 'food service and real-estate entrepreneurs' who plan to 'reconfigure and renovate' the house, the Journal reported. The Journal identified the Robertses as billionaires, but they are not listed in the 2025 Forbes list of the the world's billionaires. Duane Roberts is 'widely credited with inventing the frozen burrito in the 1950s,' the Journal article said. His wife 'heads the company he founded, Entrepreneural Corporate Group,' according to the Journal. Facing about 90 feet of beachfront, the Palm Beach estate includes a federally protected dune parcel that brings the total land measurement to about 1.8 acres when measuring from the street to the high-water line, according to the Corcoran Group's sales listing. The estate is the eighth seaside property south of the inlet at the northern tip of the island. Completed in 1936, the 10-bedroom Mediterranean-style residence has 12,928 square feet of living space, inside and on its wrap-around covered lanais and roofed balconies, according to the sales listing. The floorplan is roughly T-shaped to make the most of the narrow lot. Corcoran agents Dana Koch and Paulette Koch held the listing, which entered the market in mid-February with an asking price of $54.9 million. The price never wavered. Agent Tom Shaw of Sotheby's International Realty represented the buyer, the MLS shows. The sales listing described the two-story house as a 'captivating' European style villa. But the listing also said the buyer could 'renovate or build new on this rare waterfront property,' which was described as facing 'the widest and most private beach on the island.' Interior photos show detailed crown moldings; wood and stone floors; and a master suite with a tray ceiling and wide views of the sea. Other features include a winding staircase, a poolside dining room and an expansive living room with glass doors leading to the colonnaded lanai. The original architect is unknown, and the style of its architecture has been substantially changed since it was built, according to town records. Records in the MLS show that the house has been marketed for lease since it last changed hands in 2019. Although Palm Beach property values are no longer escalating at the rapid pace that accompanied the pandemic-sparked real estate boom, prices are still far higher than they were before the health crisis arrived in the spring of 2020. * This is a developing story. Check back for any updates. Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly 'Beyond the Hedges' column. He welcomes tips about real estate news on the island. Email dhofheinz@ This article originally appeared on Palm Beach Daily News: Palm Beach ocean estate fetches $48.5M after selling for $16M in 2019
Wall Street Journal
14-05-2025
- Business
- Wall Street Journal
California Billionaires Pay $48.5 Million for Oceanfront Villa in Palm Beach
A 1930s home on the ocean in Palm Beach, Fla., has sold for $48.5 million, just shy of the $54.9 million asking price. The buyers are Southern California-based billionaires Duane and Kelly J. Roberts, who are food and real-estate entrepreneurs. The seller is Edward Mulé, co-founder and CEO of Silver Point Capital, a Greenwich, Conn.-based investment firm. Mulé bought the house for $15.01 million in 2019, property records show, and put it on the market in February.
