Philanthropists Alfred and Gail Engelberg sold their lakefront Palm Beach home for $23.8 million, a steep discount from its $40.5 million original asking price.
The couple sold their house at 1050 North Lake Way to CFH Land Trust, with J. Scott Feeley signing, records show.
Christian Angle of Christian Angle Real Estate had the listing, and Gary Pohrer of Douglas Elliman brought the buyer.
Alfred Engelberg is a prominent intellectual property attorney and a pioneer of the generic drug market. He was the legal mind responsible for the Hatch-Waxman Act, the 1984 law that established the modern system of generic drug regulation, according to published reports. He also founded New York University’s Engelberg Center on Innovation Law and Policy and wrote “Breaking the Medicine Monopolies,” according to his publisher, Simon & Schuster.
He and his wife, Gail Engelberg, donated $15 million to the Solomon R. Guggenheim Museum in New York City in 2022. Gail Engelberg sits on the board of the museum, which renamed its Sackler Center for Arts Education for her following the donation, according to Forbes. Activists called for the center to be renamed in light of the billionaire Sackler family’s role in the opioid crisis, according to published reports.
The couple bought a condo at the Bristol in West Palm Beach for $20 million in 2023. That same year they listed their Palm Beach home for $40.5 million, Redfin shows. Built on 0.4 acres in 1963, the house spans nearly 6,400 square feet and has five bedrooms, five bathrooms, one half-bathroom, a pool and a dock.
The Engelbergs reduced the price five times before selling it for $23.8 million, a $16.7 million discount from their first asking price.
It’s the busy season for Palm Beach real estate, and deals are picking up. Fox News host Sean Hannity bought a second oceanfront townhouse for $14.9 million last month. Also last month, investor Anthony Beyer and his wife, Vanessa Beyer, sold their island house for $24 million. Goya heir Andrew Unanue also sold a mansion for $27.5 million.