Waterfront Palm Beach mansion sells for $41M

1330 South Ocean Boulevard (Compass)

1330 South Ocean Boulevard (Compass)

A waterfront estate in Palm Beach sold for $40.7 million — almost $20 million below the original asking price.

Records show a Swiss entity, Sunshine Estate Partners, sold the mansion at 1330 South Ocean Boulevard to 1330 South Ocean LLC, a Delaware corporation.

According to The Palm Beach Daily News, European businessman Gerald Herz and his wife, Isabelle, are the sellers. West Palm Beach attorney Paul Krasker signed the deed in favor of the sellers.

The Swiss entity bought the mansion in April 2017 for $31.6 million from luxury home developer Mark Pulte, who finished the home in 2016, according to property records.

Linda A. Gary of Linda A. Gary Real Estate represented the sellers in the most recent deal, while Lawrence Moens of Lawrence A. Moens Associates represented the buyer. Moens also represented Pulte in the 2017 sale.

According to Realtor.com, the property was first listed in July for $59.5 million and later changed to $56.5 million at the end of October.

The five-bedroom mansion has nine-and-a-half-bathrooms and 12,830-square-feet under air, with more than 3,000 square feet of terraces and covered outdoor space. The furnished home also has 184 feet of Lake Worth Lagoon water frontage, a dock and a pool.

A company tied to Pulte listed a Palm Beach estate for $140 million to start the year, a record for the most expensive residential listing in South Florida.

Recently, spec home developer Todd Michael Glaser bought a home in Palm Beach for $13 million, with plans to renovate.

Oceanfront Palm Beach spec mansion hits the market, asking record $140M

535 North County Road (Google Maps)

535 North County Road (Google Maps)

An oceanfront spec mansion in Palm Beach hit the market for $140 million, marking the most expensive residential listing in South Florida.

Before the estate at 535 North County Road was built, it was part of a larger property that President Donald Trump sold in 2008 for $95 million. Trump sold the property to Russian billionaire Dmitry Rybolovlev in 2016, who knocked down the previous mansion and subdivided the land.

In 2018, Rybolovlev sold the Palm Beach lot to a company tied to spec home developer Mark Pulte of Mark Timothy Inc. for $37 million. Lawrence Moens of Lawrence A. Moens Associates has the listing, according to the Palm Beach Daily News, citing information on the Multiple Listing Service. Moens, a top broker in Palm Beach, also has an investment interest in the 2-acre, 15,350-square-foot mansion.

The $140 million price tag includes furniture. The property, with a separate guest house, has nine bedrooms, an oceanfront swimming pool, a gym, sauna and hair salon. William M. Boyle of Boyle Architecture designed the house. The lot has 150 feet of shoreline.

Rybolovlev sold the three lots for nearly $109 million, about $14 million more than Trump’s sale price.

Neighbors include billionaire investor Nelson Peltz, who co-founded Trian Fund Management, an alternative investment management fund based in New York.

The Ziff estate at 2000 South Ocean Boulevard in Manalapan is the second most expensive listing in South Florida at $115 million, according to Realtor.com.

[Palm Beach Daily News] – Katherine Kallergis

Fortress sells Tiffany & Co. building on Worth Avenue for $26M

The Palm Beach Tiffany & Co. building sold for over $26M. (Getty)

The Palm Beach Tiffany & Co. building sold for over $26M. (Getty)

Fortress Investment Group sold the Tiffany & Co. building on Worth Avenue for $26.4 million.

Records show FRO II 259 Worth Owner LLC sold the building at 259 Worth Avenue in Palm Beach to 259 Worth Avenue LLC, a Delaware corporation that links to London real estate firm Motcomb Estates Limited.

New York-based Fortress bought the 16,374-square-foot building for $20 million in 2018 after it was on the market for nearly two years. The main tenant, Tiffany, has occupied the building since 1991. Tiffany leases 11,081 square feet and has invested millions in upgrades like marble floors and steel doors. The building was constructed in 1950, property records show.

Ritzy Worth Avenue is one of the most expensive retail streets in the country. Other retailers include Bottega Veneta, Brioni, Chanel, Gucci, Lilly Pulitzer, Louis Vuitton, Salvatore Ferragamo and Van Cleef & Arpels.

In November 2019, the town council approved plans to convert the second floor of the Tiffany & Co. building into a 10,000-square-foot, luxury condo, and build a third-floor spa in the building.

LVMH, the French luxury products group, announced in late October that it agreed to acquire Tiffany & Co. in a modified deal, settling their pending litigation in Delaware Chancery Court. The merger is expected to close in early 2021.

Knockout deal: Sylvester Stallone spends $35M on Palm Beach estate

Sylvester Stallone, Jennifer Flavin and 1480 North Lake Way (Getty, Douglas Elliman)

Sylvester Stallone, Jennifer Flavin and 1480 North Lake Way (Getty, Douglas Elliman)

Sylvester Stallone is the buyer of a Palm Beach estate.

The Oscar-nominated star and his wife, Jennifer Flavin, purchased the mansion at 1480 North Lake Way for $35.4 million, according to the Palm Beach Daily News.

Records show Stallone bought the home in the name of Southpaw Trust — a clever nod to one of his most memorable films, “Rocky.” The sellers are Cindy L. and Ronald G. McMackin, who own the engineering subcontracting firm Pan-Pacific Mechanical, which has offices in California and Hawaii. Cindy is the president of the company and Ronald is the chairman and CEO.

The Southpaw Trust, with Lester J. Knispel listed as trustee, took out a $15 million mortgage from CIBC Bank USA, records show.

The McMackins bought the 10,539-square-foot home from Lawrence Moens in 2018 for $26.7 million.

The property hit the market in June with an asking price of $37.8 million, according to Realtor.com. Moens represented the McMackins in the deal, and Christian Angle of Christian Angle Real Estate represented Stallone.

Built in 2014, the estate includes three separate structures: the main house, a guest house and a guest pavilion, according to the listing. Property records show the lot spans more than an acre.

In total, the property has seven bedrooms and 10 bathrooms. The house has views of the water and more than 250 feet of sandy beachfront.

Stallone adds to celebrities who have lived in the Palm Beach area. This month, Jimmy Buffett sold his Palm Beach home for $7 million, and Springsteen drummer Max Weinberg sold his home in Delray Beach for $5 million. In July, Bon Jovi bought an oceanfront Palm Beach estate for $43 million.

Widow of late San Francisco Giants owner buys Palm Beach home

444 Brazilian Avenue

Deborah Magowan, the widow of former San Francisco Giants owner Peter Magowan, bought a home in Palm Beach for $6.1 million.

Records show Magowan bought the house at 444 Brazilian Avenue from Guy Rabideau, a trustee of The 444 Brazilian Avenue Trust. Rabideau is an attorney in Palm Beach who has signed documents on behalf of buyers.

Magowan, who is still listed as a principal partner of the Bay area baseball team, was married to the former owner, Peter, who bought the team in 1993. He stepped down as managing partner of the Giants in 2008. He died in 2019.

The 444 Brazilian Avenue Trust bought the home for $5.35 million in 2019. A year later, the home was listed for nearly $6 million. The asking price dropped to $5.75 million in July, according to Realtor.com

Alison Newton of Douglas Elliman represented The 444 Brazilian Avenue Trust, and Ann Summers with Brown Harris Stevens represented the buyer.

Built in 1999, the 4,111-square-foot home features three bedrooms and three-and-a-half bathrooms. It also includes a pool, elevator and a garden designed by Mario Never.

Palm Beach has seen a flurry of sales over the past few months. Attorney Jonathan Sack paid $13.3 million for a non-waterfront mansion in Palm Beach, a textile designer bought a waterfront home for $7 million and the co-founder of a New York-based investment firm paid $5.5 million for a newly built spec home.

South Florida’s residential sales rise in Q3, led by surge in Palm Beach County

South Florida’s residential markets bounced back in the third quarter

South Florida’s residential markets bounced back in the third quarter

After a rough second quarter with double-digit declines, South Florida’s residential markets bounced back in the third quarter, with luxury leading the way.

Single-family home sales rose in all three counties, but condo sales dropped in Miami-Dade and Broward, according to the Miami Association of Realtors. Median prices also continued rising throughout the region. Closed dollar volume in all three counties totaled $11.7 billion.


Year-over-year residential sales rose 3.5 percent in Miami-Dade County, to 7,351. Single-family home sales increased by 9.2 percent to 3,839, according to the report. Condo sales fell in Miami-Dade, by 2.2 percent to 3,512.

Meanwhile, luxury single-family home sales jumped, rising more than 55 percent to 441 closings in the third quarter.

Closed dollar volume for single-family home sales rose nearly 40 percent to $2.8 billion, while condo dollar volume increased 10.5 percent to $1.5 billion.

Median prices kept rising, up 13.5 percent to $420,000 for single-family homes. Condo prices rose 7.8 percent to $264,000.


Total home sales in Broward increased 4.2 percent to 9,043, thanks to a 12.9 percent jump in single-family home sales. Condo closings fell by 4.4 percent, to 4,190.

Sales of both luxury condo and single-family homes increased in Broward, rising 82 percent to 344 houses sold and rising nearly 31.5 percent to 63 condos sold.

Closed dollar volume of single-family homes totaled $2.6 billion, up nearly 33 percent, and condo dollar volume reached $1 billion, a 7.5 percent annual increase.

Median single-family home prices rose 11.8 percent, year-over-year, to $413,500. Condo prices rose 14.3 percent, year-over-year, to $197,750.

Palm Beach

In Palm Beach County, total home sales rose 15.2 percent, year-over-year, to 9,271, marking the largest countywide increase in South Florida. Single-family home sales jumped 17.1 percent to 5,498. Unlike in Broward and Miami-Dade, condo sales increased, rising nearly 13 percent to 3,773.

Luxury again outperformed the rest of the market, growing nearly 83 percent, year-over-year, to 598 high-end single-family home sales, and up 52.5 percent for luxury condo sales, totaling 151 sales.

Dollar volume of single-family homes rose 44.3 percent to $3.8 billion. Condo dollar volume increased 15.2 percent to $1.2 billion.

Single-family home median prices rose 12.4 percent, year-over-year, to $399,000, while condo prices rose 10.9 percent to $205,250.

Palm Beach County single-family home dollar volume rose 44.3 percent to $3.8 billion. Palm Beach condo dollar volume increased 15.2 percent to $1.2 billion.

Palm Beach oceanfront estate lists for $50M

172 South Ocean Boulevard, Palm Beach with Gary Pohrer (Credit: Google Maps)

172 South Ocean Boulevard, Palm Beach with Gary Pohrer (Credit: Google Maps)

A Palm Beach oceanfront estate hit the market for $49.5 million, marking one of the highest-priced listings in the ritzy town.

The 13,153-square-foot mansion at 172 South Ocean Boulevard is owned by trusts in the names of Burke E. Ross Jr., his brother, Amory L. Ross and Linda Daddario, records show.

Called La Salona, the estate has 16 bedrooms, 17 bathrooms and five half-bathrooms, according to the listing in Realtor.com. The property spans nearly an acre and has an additional 6,167 square feet that include patios, balconies and a summer kitchen.

Ross is a private equity investor and president of Palm Beach-based ADEC Private Equity, according to his LinkedIn page. Amory L. Ross is his brother.

The estate was built in 1926 by Palm Beach architect Marion Sims Wyeth and was most recently renovated in 2016, according to the listing. It last sold for $4.8 million in 2000, property records show.

Gary Pohrer of Douglas Elliman has the listing. He declined to comment.

The estate currently ranks as the second highest-priced home on the market in Palm Beach. The most expensive, at 1744 South Ocean Boulevard, is listed for $59.9 million with Elliman’s Ashley McIntosh, Chris Leavitt and Pohrer.

Several pricey sales have closed in Palm Beach recently despite the pandemic.

Last month, Taubman Centers Chairman and CEO Robert S. Taubman sold the oceanfront estate at 1820 South Ocean Boulevard for nearly $47 million. The buyer of the 10-bedroom, 19,069-square-foot mansion is tied to Peter Brant, chairman and CEO of White Birch Paper, a top newsprint manufacturer with pulp and paper mills in Canada and the U.S.

A few weeks earlier, luxury homebuilder Mark Pulte sold the Palm Beach estate at 446 North Lake Way for $33.2 million, and a company tied to the Estée Lauder family acquired the mansion at 1063 North Ocean Boulevard for $25.4 million.

10th most expensive home sale of the year closes in Palm Beach

225 Indian Road

225 Indian Road

UPDATED, Dec. 31, 4:45 p.m.: A waterfront Palm Beach mansion sold for nearly $29 million, marking the 10th most expensive residential sale in South Florida this year.

Property records show 225 Indian Road Holdings LLC sold the estate at 225 Indian Road to 225 Trust, managed by White Oak LLC. The property traded at a $3 million loss from its previous sale in 2016.

The true seller and buyer of the eight-bedroom, 11,253-square-foot home are unknown, but the seller was managed by Palm Beach Gardens lawyer Curtis Shenkman.

Palm Beach developer David Frisbie built the mansion in 2016. It was designed by Roger Janssen of Dailey Janssen Architects and features a lakefront library, living room, dining room, family room and two kitchens. The property also includes a separate waterfront guest house with two guest suites and a four-car garage.

Suzanne Frisbie of Premier Estate Properties was the listing agent.

The majority of the priciest home sales in the tri-county region were on the barrier island of Palm Beach in 2019. At the top of the list is the $105 million trade of the 10-bedroom estate at 1415 South Ocean Boulevard, which sold to billionaire hedge funder Steven Schonfeld and his wife Brooke.

Correction: An earlier version of this story incorrectly stated the record set by this deal.

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 6 p.m.

October was a rough month for home sales in South Florida. Single-family home sales rose in Miami-Dade and Broward counties in October, but fell in Palm Beach County, and condo sales fell across the region, according to newly released figures from the Miami Association of Realtors. [TRD]

The Cipriani family’s next project will be a luxury condo tower in Coconut Grove. Less than a year after opening its Mr. C Miami hotel in the Grove, the Ciprianis are working with David Martin’s Terra to launch a Mr. C branded mixed-use condo project nearby at 2655 South Bayshore Drive, according to a press release. The development is the first major residential project for the Mr. C brand. [TRD]

The Miami Association of Realtors launched a commercial multiple listing service. South Florida Commercial Property Search is the only commercial MLS in South Florida with a consumer-facing website, according to a press release. The website was launched with the Beacon Council and Florida Power & Light. [TRD]

SoftBank is looking to whittle down its WeWork rescue package. The $9.5 billion agreement has drawn ire from WeWork employees because of a generous payout to founder and former CEO Adam Neumann, according to Bloomberg. [TRD]

The Related Group’s Jon Paul Pérez is partnering with an affordable housing developer to launch a new venture focused on Section 42 housing. Pérez, executive vice president at Related, is working with Patrick Plunkett on Perez Housing Associates. The company will operate independently from Related, and will focus solely on buying, rehabbing and running properties under Section 42 of the low income housing tax credit program. [TRD]

The Green Companies purchased a four-story Class A office building in Kendall for $13.2 million. The Green Companies bought the 63,206-square-foot building at 11731 Mills Drive in Miami for $209 per square foot, records show. The seller is Nuveen, a subsidiary of TIAA. The property is 84.6 percent occupied by two tenants, Everglades University and VITAS Healthcare. [TRD]

These stores are defying the retail norm. Department stores like Macy’s are struggling while discount stores like Target, Walmart, TJMaxx and Marshalls have increased their market share. Macy’s sales fell 3.9 percent at stores that have been open for at least a year. Target’s physical stores and online shop saw a 4.5 percent bump, with a 10 percent increase in clothing sales. [CNN]

Rep. Ilhan Omar’s housing plan has a $1 trillion price tag. The plan seeks to create 12 million affordable units and repeal the Faircloth Amendment, which has barred the construction of public housing units since 1998. The plan comes on the heels of plans released by Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez. [TRD]

Sen. Kamala Harris and Rep. Maxine Waters are the latest federal politicians to introduce a housing bill. The proposal, dubbed the Housing is Infrastructure Act, would invest $70 billion in the construction of new public housing and $10 billion to ease zoning restrictions for new affordable housing. The pair also proposed $6 billion to invest in housing for the elderly, the disabled or veterans. [CNBC]

Do not hide or delete documents, WeWork execs tell employees amid layoffs. As thousands of WeWork employees prepare to be laid off this week, the embattled company’s leadership has issued a warning to them: don’t leak information, and don’t delete anything. [TRD]

Software exec sells Palm Beach vacant lot for $17M. A software executive sold a vacant lot in Palm Beach for $17 million, after receiving town approval for a new custom home. Bill and Julie McDermott sold the 0.8-acre property at 445 North Lake Way for $475 per square foot, records show. 444 North Lake LLC, led by Holly Gershon of Boca Raton, bought the property. [TRD]

Bridgewater wagers $1B on market drop. Bridgewater Associates LP has bet more than $1 billion that stock markets around the world will decline by March, according to the Wall Street Journal. The bet would pay off for Bridgewater if either the S&P 500 or the Euro Stoxx 50 decline, according to the Journal. [WSJ]

The Fed lowered rates and real estate is loving it, JPMorgan dives into Miami affordable housing: Daily digest

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

This page was last updated at 5:30 p.m.

Investor interest in real estate deals has climbed since the Fed first started cutting rates in July, through to its third and latest round of cuts announced Wednesday. The Fed’s move to drop interest rates to a range of between 1.5 percent and 1.75 percent also makes financing cheaper, leading to more real estate deals closing. [TRD]

JPMorgan Chase plans to invest $5 million to develop affordable housing in South Florida in areas near the Florida East Coast Railway transit stations and in Opportunity Zones. The total investment is expected to generate $75 million in affordable and resilient housing investments, according to the financial institution. [TRD]

Mana Group unveiled plans for its downtown Miami project, giving a rare glimpse of the first buildings that the development firm is working to renovate or rebuild. A map, designed by Zyscovich Architects and shared by Mana Group at a community meeting on Tuesday, highlights 11 buildings between Southeast First Street and North Miami Avenue that would be delivered between the first quarter of 2021 and the fourth quarter of 2024. [TRD]

As 2019 draws to a close, occupancy rates and revenue growth are sliding amid a hotel boom that is adding nearly 14,000 rooms to the Miami and Orlando metro markets, according to a recently released report. Released last week during Marcus & Millichap’s annual hotel investment forum, the report predicts that “the magnitude of supply additions” will contribute to softer occupancy and revenue growth in the coming year. [TRD]

Inside Kushner Companies’ $1B expansion into South Florida. Since the start of the year, the firm has rolled out plans to build three major apartment projects in Miami and Fort Lauderdale that will bring a total of 3,000 units – at a time when condo development has nearly ground to a halt and when the area’s multifamily market has already delivered more than 10,000 units over the past year. [TRD]

Barneys’ creditors are still holding out hope that an underdog bidder will keep the iconic luxury retailer’s doors open. Ahead of a Halloween-day hearing to finalize the sale of Barneys, the retailer’s unsecured creditors demanded to review a second acquisition bid that would save the department store. But it is unknown whether the bid will even come in before the hearing. [TRD]

Renderings of 2000 Ocean

Renderings of 2000 Ocean

Shahab Karmely’s KAR Properties released new renderings of 2000 Ocean. The Hallandale Beach development, which launched sales of the luxury condos in 2017, is going vertical after completing a construction pour earlier this year. The 38-story building, with interiors by Minotti and minotticucine, was designed by Enrique Norten of TEN Arquitectos. It’s expected to be completed in early 2021.

Aaron’s former chairman and CEO is taking townhouses to the auction block. Charles Smithgall wants to sell two condos he owns in Palm Beach, previously listed for $5.6 million and $5.1 million, via auction. Smithgall, who also bought a Palm Beach house earlier this year for $8.15 million, tapped B6 Real Estate Advisors’ Jeff Hubbard, James Cote, Katherine DeCoste and Christian Koulichkov to sell the two townhouses at 419 and 421 Brazilian Avenue.

An NCAA decision Tuesday means college athletes nationwide could soon be allowed to earn compensation for endorsement deals. The landmark decision is a stark reversal of the collegiate sports association’s decades-long stance against compensation for athletes. The NCAA’s governing board directed its three divisions to make changes to compensation rules by no later than January 2021. [TRD]

A group of co-living and short-term rental operators and developers discussed how their businesses are becoming a growing segment of South Florida’s multifamily market. Watch the panelists, who include Brian Lee of Common, Sonder’s Marley Dominguez, Brian Koles of PMG, and Ollie’s Andy Levin on co-living and other new housing trends targeting millennials recently at The Real Deal’s Sixth Annual Miami Showcase & Forum. [TRD]

Compiled by Katherine Kallergis