Michael Kors’ chairman and CEO just picked up a waterfront mansion in Palm Beach for $21.16 million.
Property records show M&M Palm Beach Property Investors sold the seven-bedroom, 8,973-square-foot home at 822 South County Road to John D. Idol. Idol has led the luxury fashion retailer since 2003, when he and Hong Kong-based private equity firm Sportswear Holdings bought the business for $100 million. He has been chairman since 2011, according to Business of Fashion. He earned $7.6 million this year.
The seller of the Palm Beach home is managed by attorney Ronald S. Kochman. The property last sold for $13.1 million in August 2017. Charlene Nederlander, who was married to the late Broadway titan James “Jimmy” Nederlander, sold the circa-1940 home last year.
The 0.75-acre property includes a two-bedroom guest home with its own pool, one of two. The Georgian-style house was designed by famed architect Maurice Fatio and features floor-to-ceiling windows, wood floors, a dock and 100 feet of frontage on the Intracoastal Waterway.
The town granted the house landmark protection in 1990, according to the Palm Beach Daily News.