The Real Deal Miami

Beachfront Palm Beach home sells for $4,700 psf

Buyer is tied to KKR Financial Services

November 16, 2015 02:15PM
By Katherine Kallergis

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11680 Turtle Beach Road

11680 Turtle Beach Road

A 3,500-square-foot home in north Palm Beach has traded hands for a whopping $4,685 per square foot, or $16.45 million. 

Palm Beach County records show that the 1.65-acre property, at 11680 Turtle Beach Road, sold to Elissa Raethe Kovas, of the Raether 1997 Long Term Trust, in the care of KKR Financial Services. Raethe Kovas was a media consultant and is now a co-designer behind the line ShellKare, a clothing line.

She’s also the daughter of Paul E. Raether, head of the portfolio management committee at KKR, a global investment firm; and is married to Edward A. Kovas, according to a 1997 New York Times wedding announcement. Kovas was then listed as an analyst at Bear Stearns & Co.

The Lost Tree Village home was built in 1968 and includes a pool, patio and 165 feet of ocean frontage. If sold for the land, the property traded for $229 per square foot. K2 Realty‘s Paul Kaneb was the listing agent and the firm’s James Kenny represented the buyer, according to a spokesperson.

It was listed for $20 million and had been on the market for 66 days.

McLaughlin Body Co., a Molline, Illinois-based company, sold the waterfront four-bedroom, four-bathroom home. It paid $64,800 for the property in 1977, according to Palm Beach County property records. CEO Thomas L. McLaughlin signed the deed transfer.