Billionaire Duke Reyes, wife sell house in Midtown Palm Beach for $21 million: deed

Billionaire David “Duke” K. Reyes and his wife, Pamela A. Perri Reyes, have sold for a recorded $21 million a house they bought in Midtown Palm Beach for $11.5 million in early 2018.

The house at 151 Chilean Ave. — built as a custom home in 2016 — saw an increase in value of about 82 percent, according to the prices recorded with the deeds.

A land trust named after the the property’s address was identified as the buyer on the deed, which was recorded Thursday for the off-market sale.

Courthouse records link the trust to a New York City firm, Monarch Alternative Capital LP. The company’s website describes it as a “global opportunistic credit investment firm” with corporate, real estate, structured-credit and government-debt investments among its portfolio.

Gunster attorney Brad McPherson, who is identified on the deed as the land trust’s trustee, declined to comment about the sale or identify anyone else associated with the trust.

Duke Reyes has an estimated net worth of $1.2 billion, according to Forbes.com and was among 54 billionaires identified in April by the Palm Beach Daily News as having residential ties to Palm Beach, based on an analysis of Forbes data. He also ranked 2,324th place on Forbes’ latest list of the world’s billionaires.

World’s wealthiest: Palm Beach sees hike in billionaires, analysis of Forbes data shows

He is CEO of Chicago-based Reyes Holdings, a food and beverage distribution company with more than $30 billion in sales, according to Forbes. Reyes Holdings is the parent of Reyes Beverage Group and other companies.

The two-story residence in the Dutch Colonial style stands on a third-acre lot in the ocean block near the corner of South County Road. With four bedrooms, the house has about 5,900 square feet of living space, inside and out.

Reyes Holdings was founded by Duke Reyes’ older brothers, Chris and Jude Reyes, who serve as its co-chairmen. Two other brothers, including Palm Beach resident James Reyes, are also involved in the company.

The Reyes company in early 2015 bought Gold Coast Beverage Distributors — a beer distributor based in Doral in Miami-Dade County — from Palm Beach resident Stephen Levin. Duke Reyes has held a leadership role in Reyes Beverage Group, the largest beer distributor in the country, according to Forbes.

Sotheby’s International Realty agents Lisa and John Cregan represented the sellers on Chilean Avenue. John Cregan confirmed their role but declined to comment on the transaction or the parties involved. He also declined to comment on behalf of his clients.

Agent Jonathan Duerr of Compass Florida confirmed he handled the buyer’s side of the deal but declined to discuss it or identify his client.

The trust that bought the house entered into a 30-year mortgage on the property with JPMorgan Chase based on a $12.155 million loan. The mortgage document was recorded simultaneously with the deed.

House changed hands in 2018: Duke Reyes, wife buy Palm Beach custom home completed in 2016 for $11.5 million

The Reyes family bought the house four years ago from Canadian banker and real estate investor Adrian Tauro, who built it with his wife, interior designer Sloan Mauran.

The real estate agency once known as The Fite Group — and today William Raveis South Florida — handled both sides of the 2018 sale. On the seller’s side of that deal was agent Christopher Deitz, who has since moved to Compass Florida; Robin Donnelley, who represented the buyers, is now affiliated with Sotheby’s International Realty.

Tauros sell house on Middle Road: House completed in 2021 sells for recorded $26.75 million in Palm Beach

Tauro bought the property for $2.8 million in 2014 from the late Erik Nordin Gilbertson and his late sister, Charlotte Gilbertson, who had owned a 1919 house there for many decades.

*

This is a developing story. Check back for updates.

*

Darrell Hofheinz is a writer for the Palm Beach Daily News and a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news in Palm Beach. Email dhofheinz@pbdailynews.com, call (561) 820-3831 or tweet @PBDN_Hofheinz. Help support our journalism. Subscribe today.

This article originally appeared on Palm Beach Daily News: Billionaire Duke Reyes, wife sell Palm Beach house for $21 million