Developer Carl Panattoni sold his Palm Beach property for $34.2 million, nearly $6 million more than his purchase price a year ago.
Panattoni and Mary Jane Panattoni sold the 1.2-acre property at 965 North Ocean Boulevard to an LLC led by Brian K. Stock, CEO of Stock Development, records show.
The buyer financed the purchase with a $17.1 million mortgage from CIBC Bank USA.
Panattoni is chairman and founder of San Francisco-based Panattoni Development Company, a commercial real estate firm that focuses on office and industrial.
Naples-based Stock Development builds multifamily, residential and commercial projects throughout Florida.
Lawrence Moens of Lawrence A. Moens Associates brokered the deal, according to sources. He did not respond to a request for comment.
When Panattoni bought the Palm Beach property for $28.6 million in February 2020, it included a five-bedroom, 7,705-square-foot home that was built in 1978. It has since been demolished.
Palm Beach has recorded the largest residential sales in South Florida throughout the pandemic. Recently, hedge fund billionaire David Tepper closed on his purchase of an oceanfront mansion at 905 North Ocean Boulevard for $68.4 million.
Earlier this month, private equity titan Scott Shleifer paid more than $120 million for the oceanfront mansion at 535 North County Road in Palm Beach, setting a record for residential sales in Florida and marking one of the most expensive home sales in the U.S.