The Real Deal Miami

Three-month flip: Palm Beach manse sells for $20M

Price rose by $290 per square foot in three months

September 21, 2015 12:45PM
By Sean Stewart-Muniz

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240 Banyan Way (Credit: Sotheby's International Realty)

240 Banyan Road (Credit: Sotheby’s International Realty)

A waterfront mansion in Palm Beach just flipped for $20.76 million, meaning its sellers are walking away with a cool $3.36 million premium over what they paid three months ago.

The home, at 240 Banyan Road, is on a three-quarter-acre lot overlooking the Intracoastal Waterway. Built in 1991, it’s a Mediterranean-style villa complete with landscaped grounds and a fountain by the entryway.

In June, a trust managed by the CEO of a Boston-based investment company purchased the home for $17.4 million. That sale had more than tripled the mansion’s last transaction in 1995. Anastasios Parafestas, the buyer’s trustee and CEO of the Ballard Group, purchased the 11,365-square-foot home from the estate of Mary Jo Condren.

Now, three months later, the trust has resold 240 Banyan Road for $20.7 million. County records show that the buyer is a trust named after the home’s address. It’s managed by M. Timothy Hanlon, a local real estate lawyer. The trust financed its purchase with a $15 million loan from Bank of America, according to property records.

This most recent closing price equates to $1,821 per square foot. That’s a $290 increase in price from the home’s last sale of $1,531 per square foot.