The trust of the late business mogul Morton Mandel sold his Palm Beach estate for $25.4 million.
Mandel’s trust, managed by Thomas A. Mandel and Bradley S. Smith, sold the six-bedroom, 10,224-square-foot mansion at 1063 North Ocean Boulevard to a Delaware LLC that lists the address of Estée Lauder’s headquarters in New York City. The late Estée Lauder, who founded the cosmetics company, was a resident of Palm Beach and her family still owns homes on the island.
Mandel founded Premier Automotive Supply Company in 1940 with his two brothers, and it became one of the top industrial parts and electronic components distributors, according to the Mandel Foundation’s website.
Property records show the oceanfront property spans less than 1 acre of land.
The house was on the market for $29.5 million. It includes 119 feet of ocean frontage, a four-car garage, and two master bedrooms.
Palm Beach broker Jim McCann of Premier Estate Properties represented the buyer and seller, according to the Multiple Listing Service. He declined to comment on the deal.
Palm Beach experienced a record year in 2019, with two deals closing for more than $100 million each. Most recently, luxury homebuilder Mark Pulte sold a Palm Beach estate at 446 North Lake Way for $33.2 million.
Earlier this week, a Palm Beach mansion at 720 South Ocean Boulevard formerly owned by John Lennon and Yoko Ono hit the market for $47.5 million.