Record sale in Palm Beach where home sells for nearly $170 million

PALM BEACH — Gorgeous beachfront real estate in this seasonal town for the world’s richest nearly rivals Florida’s all-time record for home sales.

Less than two miles north of The Breakers Resort, the ten-bedroom mansion about $170 million In a secret sale from coffee tycoon to luxury car tycoon this month.

The 589 N. County Road off-market purchase was confirmed by people familiar with the transaction. was first written about By the Palm Beach Daily News last week, which had yet to be finalized. A Wall Street Journal article posted online Wednesday also noted that the blockbuster exchange had closed.

At nearly $170 million, the sale could be the second-highest in the state after the Manalapan property sold to Oracle software billionaire Larry Ellison in June 2022. . $173 million.

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The previous sale price record in Palm Beach was set in March. The late Rush Limbaugh’s estate sold for $155 millionA company with ties to cosmetics billionaire William P. Lauder has purchased the former Limbaugh mansion, which consists of three lots, including the main building at 1495 North Ocean Blvd.

Despite signs that Palm Beach County’s housing market is normalizing, Palm Beach Island’s latest deal highlights that the world’s richest people are still open to paying top dollar for real estate here The purchase sees all three of Florida’s top real estate deals complete within the past year, even as interest rate and economic slowdown concerns dampened South Florida’s pandemic-fueled real estate boom. Did.

“There are things in the luxury market that sell for over $200 million,” said Jim Bartles, a Palm Beach resident and principal and managing director of wealth management and investment firm Alti Tiedemann Global. rice field. “It’s kind of crazy. I’m surprised. I can’t believe it’s not all of Palm Beach County.”

Green Mountain Coffee founders Robert Stiller and wife Christine have owned the 20,000-square-foot home since 2014 through a trust called Oceanview Trust.

As of Thursday, no deed with specific details of the sale or sale price had been filed with Palm Beach County official records, but on April 24, 2 called Oceanview and Florida Investment Property Land Trust. A special surety bond of $10 has been filed with the second trust. Both trusts have named Stephen Magowan of Sunrise Management Services as co-trustee or trustee.

The $10 deed could be a simple title transfer from one trust to another, but real estate attorneys name it as Stillers and luxury car dealer Michael Cantanucci. He said there is also the possibility of a deal with a buyer.

Cantanucci and his wife Kimberly were not reached for comment on Thursday.

The Daily News confirmed that Christian Angle of Christian Angle Realty has handled the buyer side of the sale. Lawrence A. Moens Associates broker Lawrence Moens has confirmed that he is representing the seller. He also declined to discuss the deal.

But other realtors on the island said the sale follows a trend of very high price appreciation seen since the pandemic, with wealthy people from urban areas in the Northeast, Midwest and California. started the migration to South Florida.

expensive flip:$37 million for sea-to-lake real estate near Palm Beach. In late 2021 he was sold for $32.25 million

“What this shows is that Palm Beach is a safe place to put your money,” he said. We have property advisors and the best lawyers and the best accountants.”

Property records show that the property at 589 N. County Road is 1.6 acres with approximately 153 feet of beachfront.

This property sits between two large beachfront mansions. One, Radio Shock, is owned by an entity associated with his jock and television personality Howard Stern and his wife Beth. Another of his is the home of billionaire investor Nelson Peltz and his wife Claudia.

Kimberly Miller is a veteran journalist for The Palm Beach Post, part of the USA Today Network in Florida. She describes real estate and the impact its growth has on the South Florida environment.apply dirt For the weekly real estate roundup. If you have any news tips, send them to kmiller@pbpost.com. Help support local journalism. Subscribe now.