Taubman Centers Chairman and CEO Robert S. Taubman sold an oceanfront Palm Beach estate for nearly $47 million to a paper mogul.
Taubman’s AAT BB LLC sold the 10-bedroom, 19,068-square-foot mansion at 1820 South Ocean Boulevard to White Birch Farm Inc. The buyer 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. Brant, who founded the Greenwich Polo Club, is also a developer and philanthropist.
The Ocean Boulevard estate was listed earlier this year for $52 million with Lawrence Moens of Lawrence A. Moens Associates. It sold for $46.75 million, or about $2,452 per square foot.
The Addison Mizner-designed property stretches from the Intracoastal Waterway to the ocean with an underground tunnel to the beach, like many homes on that stretch of Palm Beach. The 3.28-acre property includes two pools, a tennis court, and dock. Interior renovations were recently completed, according to the listing.
Built in 1926, Alfred Taubman purchased the estate in 1989 for $5.5 million, records show.
Simon Property Group announced prior to the pandemic that it was planning to acquire Taubman Centers for $3.6 billion. The deal is expected to close later this year.
A few big-ticket sales have closed in Palm Beach during coronavirus.
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.