A mystery buyer is spending nearly $200 million on oceanfront land in Palm Beach.
This only builds on the buzz surrounding the ultra wealthy enclave, home to President Donald Trump.
In our latest issue, Kate Hinsche examines the Palm Beach of 2016, when Trump first took office, to the Palm Beach of today. The demographic has gotten younger, wealthier and spends more time there than residents did before.
Last year, the island had the most listings over $50 million of any U.S. market. While this latest sale of billionaire William Lauder’s 2.3-acre oceanfront assemblage could set a new record in Florida once it closes, it’s the kind of deal that no longer surprises me. The island market is now at the epicenter of ultra luxury real estate in this country.
Billionaire hedge fund manager Ken Griffin was ahead of the trend. Griffin has spent at least half a billion dollars assembling land for his massive Palm Beach estate, years before Trump became president, and before Mar-a-Lago hosted a flood of billionaire tech executives and foreign heads of state. (We also took a look at the team Griffin relies on to help him with his real estate deals.)
The transformation of Palm Beach has also spread across the bridge into West Palm Beach, where developers such as Steve Ross, Jeff Greene and David Martin are capitalizing on the attention Trump is bringing to the area.
The Secret Service closures, extra traffic and long wait lists to get into the exclusive clubs and private schools are among the nuisances that have come with the real estate boom. But the positives have far outweighed the negatives for developers and brokers.
When Lauder first listed his lots — remember, it’s just land — nearly two years ago for $200 million, many thought the price was implausible.
I guess not.
What we’re thinking about: The condo association at La Clara, a waterfront tower in West Palm Beach, is suing its development and construction team over alleged negligence, misrepresentation and defective construction. As more luxury towers get built, we see more of this litigation. How could the laws be changed to protect buyers? Send me a note at kk@therealdeal.com.
CLOSING TIME
Residential: Plastics mogul David Frecka paid $49.1 million for an oceanfront Manalapan estate. Raj and Padmaja Mantena sold the 1.8-acre property at 1400 South Ocean Boulevard. The compound includes a 16,200-square-foot mansion and a 1,200-square-foot guest house.
Commercial: CSL Partners and Presidium paid $95 million for the 260-unit Pura Vida Hialeah apartment complex at 3051 West 16th Avenue in Hialeah with plans for a Live Local Act conversion. Coral Rock Development Group sold the property.
NEW TO THE MARKET
A 20-acre equestrian estate in Boca Raton hit the market for $60 million with Browning Realty’s Leslie Emerson. Boca Raton veterinarian Brian Butzer owns the property at 19721 118th Trail South. The four-parcel property includes 13 bedrooms, six and a half baths, a 14-stall barn, a pool, jacuzzi and equestrian facilities.
A thing we’ve learned
Scientists went through about 300 eggs in their quest for a perfectly boiled egg that requires no skills or gadgets. In this economy? (For those interested, the process takes 32 minutes.)
Elsewhere in Florida
- Migration to Florida is flattening, with the number of new arrivals and those leaving the state at a near balance, the Orlando Sentinel reports, citing recent surveys. The Florida Chamber Foundation found that residents leaving the state were between the ages of 20 to 29 and left largely because of a lack of job opportunities.
- Gov. Ron DeSantis’ wife, Casey DeSantis, is reportedly mulling a run to succeed her husband in office in 2026, the Daily Beast reports. The governor will leave office in early 2027 due to term limits.
- At a press conference in Miami last week, the governor said 73 percent of Miami-Dade homeowners with Citizens Property Insurance policies would receive premium reductions and more than half of policyholders in Broward County will also see decreases, according to CBS Miami.