A member of the Applebaum family sold a unit at the Bristol in West Palm Beach for $16 million, marking a $5 million profit in less than a year.
BCPBFL LLC, which is linked to Pamela Applebaum, sold unit 2003 to The Edgewater Financial Trust. Pamela is the daughter of Eugene Applebaum, an entrepreneur and philanthropist whose drugstore chain, Arbor Drugs, sold to CVS in 1998 for nearly $1.5 billion.
Samantha Curry of Douglas Elliman brokered the deal. Elliman declined to comment.
Applebaum’s LLC paid $11 million, or nearly $1,600 per square foot, for the 7,079 square-foot a year ago.
The three-bedroom, five-and-a-half bathroom condo hit the market for $15 million.
Flagler Investors, led by Al Adelson and Gene Golub, developed the Bristol, a 25-story, 69-unit luxury tower at 1100 South Flagler Drive.
The address for the buyer of Applebaum’s unit, the Edgewater Financial Trust, matches that of The Craig and Susan McCaw Foundation in Kirkland, Washington. Craig McCaw sold his mobile phone business, McCaw Cellular Communications, to AT&T in 1994 for $12.6 billion, according to Forbes. Susan Rasinski McCaw is a former ambassador to Austria and is the president of SRM Capital Investments, a private investment firm, according to her LinkedIn.
Susan recently bought a home in North Palm Beach for $6 million. The two divorced in 2019.
Teresa Mason is the trustee of the entity that purchased the Bristol unit.
Elliman Chairman Howard Lorber flipped his Bristol unit for a nearly $1 million profit in February.
Last year, beauty mogul Sydell Miller spent $42.6 million on a full-floor penthouse. The building marked the first new luxury condo building in West Palm Beach in a decade.