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Yahoo
06-05-2025
- Business
- Yahoo
Take a look at the 2024-25 season's priciest real estate sales in Palm Beach
Perhaps no one should be surprised that Palm Beach saw sizable real estate sales during the season that began in October 2024 and ran through the start of May 2025. The wealthy town has always attracted buyers with the resources to drop big bucks on properties. And the island, after all, is home to at least 68 billionaires, according to an April analysis of new Forbes data by the Palm Beach Daily News. Here's a look at the eight residential real estate sales that closed on the island between Oct. 1 and May 2 at prices topping $30 million. The sales are listed in descending order of price. The list also includes the most expensive condominium, townhouse and commercial sales of the year on the island. The sales were previously reported by the Palm Beach Daily News, and most were reconfirmed in the monthly transaction reports issued by the Rabideau Klein law firm. The sale prices and dates presented here are those recorded with the deeds at the Palm Beach County Courthouse, unless otherwise noted. At least $160 million, 1063 and 1071 N. Ocean Blvd. Two vacant side-by-side oceanfront lots, center, are addressed as 1063 and 1071 N. Ocean Blvd. on the North End of Palm Beach. Combined, the lots total 2.26 acres and are said to have sold in February 2025 for at least $160 million. In February, the Palm Beach Daily News confirmed this off-market sale of two side-by-side vacant beachfront lots. The exact amount that changed hands and the identity of the buyer were never recorded at the Palm Beach County Courthouse because of the way the deal was structured. The seller was Estée Lauder cosmetics heir and billionaire William P. Lauder who owned the properties through two limited liability companies — REIWA Holdings LLC and 1063 N Ocean Blvd LLC. Together, the North End lots measured 2.26 acres with about 363 feet of direct shoreline between them. Broker Christian Angle of Christian Angle Real Estate acted for Lauder opposite broker Ryan Serhant of Serhant in the deal, which set a Palm Beach sales record for vacant land. $81 million, 1446 N. Ocean Blvd. Viewed from above the dune, a contemporary-style estate on 1.68 acres at 1446 N. Ocean Blvd. in Palm Beach sold in November for a recorded $81 million. Sold in November, this 1970s-era beachfront house was the longtime Palm Beach vacation retreat of Louise Riggio and her late husband, Leonard, the former chairman of the Barnes & Noble bookstore chain and co-founder of videogame retailer GameStop. The buyer was 1446-65 N Ocean Way LLC, which has a mailing address in care of real estate attorney David Klein. The North End estate measures 1.68 acres with about 205 feet of beachfront, according to property records. The house has seven bedrooms and 11,042 square feet of living space, inside and out. Broker Lawrence Moens of Lawrence A. Moens handled both sides of the sale. $73 million, 530 S. Ocean Blvd. With French Provincial-inspired architecture, a mansion at 530 S. Ocean Blvd. in Palm Beach sold privately in March for $73 million. The sale was one of eight sales on the island that topped $30 million during the season just ending. In March, digital-media billionaire Ric Elias of Red Ventures and his wife, Brenda, transferred ownership of this oceanfront house they had bought new in 2020 — through 530 South Ocean Blvd LLC — to Mark Paley, co-founder of Harvest Investors, a Connecticut apartment-complex builder and manager. No deed has ever been recorded for the transaction, said to be valued at $73 million, apparently because of the structure of the ownership transfer. In the Estate Section, the eight-bedroom house has 14,908 total square feet, property records show. It stands on a lot measuring about three-quarters of an acre facing a beach parcel with 135 feet of oceanfront. Douglas Elliman Real Estate agent Jack Rooney confirmed the sale price and said he handled both sides of the private sale, although he declined to identify his clients or provide specifics of the deal. $51.42 million, 516 S. Ocean Blvd. A seven-bedroom house facing the ocean at 516 S. Ocean Blvd. in Palm Beach changed hands in April for a recorded $51.42 million. The sale of this Estate Section residence closed in late April. On the seller's side, property records show, was the 516SOB Trust, which the Palm Beach Daily News confirmed was affiliated with merchant banker and real estate investor Andrew Farkas, founder and CEO of Island Capital Group LLC. The buyer was a Colorado-registered limited liability company linked to businesswoman and real estate investor Bren Simon, who was married to the late shopping-mall magnate and Indiana Pacers co-owner Melvin Simon. Renovated and expanded since it previously sold in 2020 for $24.24 million, the seven-bedroom house with 11,489 total square feet stands on a lot measuring a little more than half an acre in the Estate Section. The property has 100 feet of shoreline on its beach parcel. Agents Dana Koch and Paulette Koch of the Corcoran Group held the listing. Moens acted on behalf of the buyer. $40 million, 1230 S. Ocean Blvd. Built in 1986 but recently renovated, a house at 1230 S. Ocean Blvd. sold in February for a recorded $40 million. In February, this recently renovated-and-rebuilt 1986 house changed hands in the Estate Section, just south of President Donald Trump's Mar-a-Lago Club. The seller was 1230 LLC, a company linked in public records to a Wisconsin couple, financier David Herro and preservationist Jay Franke. The buyer was Julie Chrystyn Opperman, who acted as trustee of a marital trust under a trust agreement with a 'special trust' in the name of her late husband, businessman Dwight D. Opperman. The five-bedroom house with 11,038 total square feet stands on a lot measuring just under an acre. Agent Chris Leavitt of Douglas Elliman Real Estate was the listing agent. Angle handled the buyer's side. $38 million, 305 Indian Road The inlet at the north tip of Palm Beach runs directly behind this renovated house at 305 Indian Road in Palm Beach. The property sold in November for a recorded $38 million. Billionaire investor, philanthropist, inventor and optometrist Dr. Herbert 'Herbie' A. Wertheim in November used the Indian Sands Coastline Trust to buy this North End house facing the inlet at the northern tip of the island. The seller was 305 Indian Road LLC, a company controlled by developer and Palm Beach resident Todd Michael Glaser. Glaser had remodeled the house and made exterior improvements before he and an unnamed investor sold it in an off-market deal. With 130 feet of water frontage, the house has six bedrooms and 6,814 total square feet. The lot measures about four-fifths of an acre, although some of that land is submerged, according to property records. No real estate agents were involved in the sale. $31 million, 1160 N. Ocean Blvd. Built in the early 1990s at 1160 N. Ocean Blvd., a seven-bedroom house with a separate guesthouse and a beach parcel sold in March for a recorded $31 million. In March, longtime real estate investor and Palm Beach resident Paul L. 'Jay' Maddock Jr. and his wife, Cynthlen 'Lynn' Maddock, sold their North End oceanfront house, which the couple built in the early 1990s as a custom home. The buyer was 1160 NOB LLC, for which the authorized representative in business records was real estate attorney Larry B. Alexander Jr. The house and its separate pool house together have seven bedrooms and nearly 8,000 total square feet on a property measuring about four-fifths of an acre with 150 feet of shoreline. The listing agents were Sotheby's International Realty's Judge Moss and John Dewing, whose mother is Lynn Maddock. On the buyer's side were lead agent Marley Goodman Overman of Illustrated Properties and agent Gary Pohrer of Douglas Elliman Real Estate. $30.795 million, 322 Clarke Ave. A landmarked house at 322 Clarke Ave. in Palm Beach changed hands in December for a recorded $30.795 million. In December, investments executive Jay C. Horgen and his wife, Katherine Battle Horgen sold their much-renovated landmarked house in Midtown to a company named 322 Clarke Ave LLC. The buyer behind that company was an as-yet-unidentified Cox family member of Cox Enterprises, the communications and automotive company that once owned the Palm Beach Daily News and The Palm Beach Post. Historically known as Villa Filipponi, the six-bedroom house was built in the 1920s and today has 7,979 square feet of total living space. The lot measures about two-fifths of an acre. Angle was the listing broker, while agent Vince Spadea of Douglas Elliman Real Estate acted on behalf of the buyer. Priciest condo deal: $14.06 million, No. 2A, 101 Worth Ave. On the second floor of the Kirkland House condominium building at 101 Worth Avenue in Palm Beach, unit 2A sold in April for a recorded $14.06 million. It was the highest-dollar condo sale to record between Oct. 1 and April 30. In April, businessman Ronald J. Berk and his jewelry-designer wife, Judith Ripka Berk, sold their gut-renovated oceanfront condominium on the second floor of Kirkland House to community leader and philanthropist Paula L. Sidman, widow of Boston developer Edwin Sidman. The three-bedroom apartment has 4,529 total square feet, including about 800 square feet on its balconies. Based on the total square footage and the recorded price, the Midtown condo sold for $3,104 per square foot. The Corcoran Group's Paulette Koch and Dana Koch were the listing agents. Agent Spencer Schlager of Douglas Elliman Real Estate handled the buyer's side. Priciest townhouse deal: $16.5 million, 220 Brazilian Ave. A gated driveway leads to the garage at a townhouse in a duplex at 220 Brazilian Ave., which changed hands for $16.5 million, the price recorded May 2 with the deed. In April, Canadian financier Steven K. Hudson sold this townhouse to Crystal Crosby Lahners, the widow of the late Sarasota eye surgeon Dr. William J. Lahners. Part of a duplex near the Town Hall historical district, the four-bedroom townhome has 5,435 square feet of living space, inside and out, and shares a wall with an identical unit next door. The listing agent was Chris Leavitt of Douglas Elliman Real Estate. Agent Ashley Copeland of Brown Harris Stevens acted on behalf of the buyer. Priciest commercial sale: $28 million, 95 N. County Road Built in 1936, the historic Palm Beach Main Post Office Building at 95 N. County Road has not served as a post office for more than a decade. Billionaire Jeff Greene in December 2024 sold the building for a recorded $28 million to a company affiliated with The Breakers Palm Beach resort next door. In an off-market deal recorded in December, a company affiliated with The Breakers expanded its sizable holdings in the Royal Poinciana Way commercial district with the purchase the landmarked Palm Beach Main Post Office Building. Billionaire real estate and energy businessman Jeff Greene sold the 1936 Mediterranean-style building, which stands next door to the resort, through one of his companies. On a half-acre lot, the building has 13,932 square feet of space, inside and out, property records show. It hasn't served as a post office for more than a decade. The purchase came on the heels of one in September when a company linked to The Breakers paid Frisbie Group an undisclosed sum for several buildings immediately east of the mixed-use Via Flagler By The Breakers development, stretching to North County Road between Royal Poinciana Way and Sunset Avenue. In all, Breakers-related companies have paid more than $100 million for buildings in the district since 2010. 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@ call 561-820-3831 or tweet @PBDN_Hofheinz. This article originally appeared on Palm Beach Daily News: Here are the 2024-25 season's priciest Palm Beach real estate sales
Yahoo
13-02-2025
- Business
- Yahoo
Palm Beach real estate is so gangbusters that an empty lot just sold for $200 million
The former executive chairman of Estée Lauder Companies (EL) reportedly sold two vacant parcels of land on the Palm Beach waterfront for $200 million, sources told the Wall Street Journal. Billionaire William P. Lauder, the grandson of businesswoman Estée Lauder, purchased the first of the two properties for almost $25.4 million in 2020. The following year, he bought the second parcel for an undisclosed sum. Cumulatively, the parcels are slightly less than three acres with 360 feet of direct beach frontage. Lauder tore down homes on both properties, before putting them on the market in 2023. Even in the rarified world of Palm Beach property, Lauder's transaction could be record-breaking. If the sale is for more than $170 million, it would exceed the 2023 purchase price for luxury car dealership owner Michael Cantanucci's 1.6-acre property, according to the Wall Street Journal (NWSA). Though Palm Beach has long been an enclave for the wealthy and powerful, in the last five years property costs have skyrocketed in the eastern Florida city. Even as the global real estate market slowed following the post-Covid boom, the number of ultra-expensive real estate deals in Palm Beach continues to increase. In the second quarter of 2024, for example, the city saw 36 residential real estate transactions in excess of $10 million, according to a report from real estate firm Knight Frank. In the same period, in 2023, there were just 19 comparable real estate transactions. Some have attributed the property boom to President Donald Trump's presence in Palm Beach – the city is home to the Mar-a-Lago resort. 'We have undoubtedly seen a huge bump after the election,' Margit Brandt, of Premier Estate Properties, told Mansion Global. 'Some international buyers now have their sights set on Palm Beach, so we've expanded the buyer pool majorly,' she continued. 'Palm Beach is on the world stage now; it's the center of the universe.' For the latest news, Facebook, Twitter and Instagram.
Yahoo
10-02-2025
- Business
- Yahoo
Era ends on Worth Avenue in Palm Beach as Saks announces its closure
Welcome to The Dirt! I'm real estate, weather and critter reporter Kimberly Miller with the latest developments in the sizzling market. In this week's edition of Beautiful Things in Palm Beach County most Palm Beach Countians (countyites?) can't afford, we have beautiful things in Palm Beach County that most Palm Beach Countians can't afford. Or can they? Saks Fifth Avenue announced it will close its glitzy Palm Beach store on Worth Avenue in April, which surely means there will be some awesome blue light specials in an EVERYTHING MUST GO kind of sale with one of those car dealership wacky inflatable tube men out front. Would Palm Beach even allow a wacky inflatable tube man? That's unlikely. Sorry Saks. Stay up to date on South Florida's sizzling real estate market and sign up for The Dirt weekly newsletter, delivered every Tuesday! Exclusively for Palm Beach Post subscribers. In other real estate news, there may be another price record toppled in Palm Beach with the sale of two waterfront lots, sales of condominiums had a tough go of it in 2024 with caveats, and what happens when you spend mucho dinero for a 200-year-old bottle of Juglar champagne recovered from a shipwreck in the Baltic Sea, and you get, well, Skol vodka in a plastic bottle🤮? You sue, of course. And that's where unit owners and the developer of La Clara found themselves last week. A lawsuit filed by the owners association of La Clara in West Palm Beach was rich in detailed accusations against Toronto-based developer Great Gulf, including a tidbit about how high-end wood finishes displayed in brochures were replaced with faux wood wallpaper. Quelle horreur! Well, it is peeling a little bit too, apparently. And here's a bit of behind-the-curtains detail, Realtors said on background that the suit didn't surprise them. Most owners would probably accept a few minor lower-brow accoutrements, but they claim the tally of cheap knockoffs got too high. Another owner gripe was that instead of a promised wine cellar with a climate controlled storage area and fancy gathering room, they got little cubbies, no climate control, and a meh meeting room that looks more like a corporate meeting torture chamber than something opulent. Over in Palm Beach there may be another blockbuster sale shaking the very foundations of the real estate market, but considering the growing wealth on the island, what's $200 million? Remember those adjacent lots that cosmetics billionaire William P. Lauder assembled, and everyone thought it was a little cuckoo because he knocked down a perfectly nice six-year-old beachfront mansion to clear one of the lots? Well, the joke may be on everyone. If the two lots were to sell at or near the listing price of $177.8 million, it would rocket past a sale-price record set in 2023 and possibly set a new Florida record for a residential purchase. Prepare for the tsunami of untraceable trusts and Delaware-based LLC's to mask the buyer's identity. The Surfside collapse understandably freaked everyone the F out. And some older condos are now having to pay up if they kicked the can for too long on repairs and fully funding their reserves. And that certainly was one side of the condo market in 2024. On the other side were the newer, higher-end condos that Realtors said did OK. That means the annual report was a bit skewed with sales way down, but prices up. Totally topsy turvy. How things shake out in 2025 remains to be seen. For condominiums that have their affairs in order, it may be smooth sailing. And for those folks buying new? It's buyer-beware. Don't pay for Dom Perignon and get 8% alcohol Steel Reserve spiked Cherry Slushie instead. Although there is a time and place for 8% alcohol Steel Reserve spiked Cherry Slushie. Live lightly. Kimberly Miller is a journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate, weather, and the environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@ Help support our local journalism, subscribe today. This article originally appeared on Palm Beach Post: Saks Fifth Avenue to close in Palm Beach and La Clara owners file suit
