Palm Beach oceanfront home sells for around $170 million, beating previous record by millions
PALM BEACH — A luxury oceanfront estate in this seasonal town for the world's most affluent people stands close to matching the record for the most expensive home sale ever in Florida.
The 10-bedroom mansion less than two miles north of The Breakers resort is said to have traded hands for around $170 million this month in a clandestine sale by a coffee magnate to a high-end car automotive tycoon.
The off-market purchase of 589 N. County Road was confirmed by people familiar with the deal, which was first written about by The Palm Beach Daily News last week when it had yet to be finalized. A Wall Street Journal article posted online Wednesday also noted the blockbuster exchange had closed.
At near $170 million, the sale is likely the second highest in the state, following the June 2022 sale of a Manalapan estate to software billionaire Larry Ellison of Oracle Corp for $173 million.
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The previous sale price record in Palm Beach was set in March when the estate of the late Rush Limbaugh sold for $155 million. A company linked to cosmetics billionaire William P. Lauder bought the former Limbaugh estate, which comprises three separate parcels, including the main house at 1495 N. Ocean Blvd.
Despite indications of a normalizing home market in Palm Beach County, the latest deal on the island of Palm Beach underscores that the the world's richest people are still open to paying top dollar for property here. With this purchase, the top three deals for Florida real estate have all been closed within the past year even as worries of interest rates and economic slowdowns have dampened the pandemic-fueled real estate boom in South Florida.
"There are things on the luxury market for sale for over $200 million," said Jim Bertles, a Palm Beach resident and principal and managing director of wealth management and investment firm AlTi Tiedemann Global. "It's a little crazy. It's staggering. It's unbelievable, but it's not all of Palm Beach County."
The sellers of 589 N. County Road, Green Mountain Coffee founder Robert Stiller, and his wife Christine, had owned the 20,000-square-foot home since 2014 through a trust called Oceanview Trust.
As of Thursday, no deed with specific details of the sale or sale price had been filed in Palm Beach County official records, but a special warranty deed for $10 was filed April 24 between Oceanview and a second trust called Florida Investment Properties Land Trust. Both trusts name Stephen Magowan, of Sunrise Management Services, as co-trustee or trustee.
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Real estate attorneys said the $10 deed could be a simple title transfer from one trust to another, but also a possible transaction between the Stillers and the buyer, who sources name as high-end car dealer Michael Cantanucci.
Cantanucci, and his wife Kimberly, could not be reached for comment Thursday. A message left at a phone number listed for Robert Stiller was not returned, nor was a message left for Magowan.
The Daily News confirmed that Christian Angle of Christian Angle Real Estate handled the buyer’s side of the sale. He declined to comment, as is his custom. Broker Lawrence Moens of Lawrence A. Moens Associates confirmed he represented the sellers. He also declined to discuss the transaction.
But other Realtors on the island said the sale follows a trend of sky-high price increases seen since the pandemic as wealthy people from urban areas in the Northeast, Midwest and California began a migration to South Florida.
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“What I think this shows is that Palm Beach is a safe place to put your money,” said Tom Shaw, senior global real estate advisor for Sotheby’s in Palm Beach. “I’m not saying that wealthy people are smarter than everyone else, but they typically have the best wealth advisors and the best attorneys and the best accountants.”
The estate at 589 N. County Road measures 1.6 acres with about 153 feet of direct beachfront, according to property records.
The property sits between two larger beachfront estates — one owned by an entity associated with radio shock jock and television personality Howard Stern and his wife, Beth; the other the home of billionaire financier Nelson Peltz and his wife, Claudia.
Kimberly Miller is a veteran journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate and how growth affects South Florida's environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@pbpost.com. Help support our local journalism, subscribe today.
This article originally appeared on Palm Beach Post: Record sale in Palm Beach as home goes for around $170 million
