The Real Deal Miami

Smith & Wollensky CEO buys Palm Beach mansion for $14M

Tech exec Casey Cowell sold the estate after downsizing earlier this year

May 26, 2016 01:30PM
By Katherine Kallergis

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Nick Valenti and a satellite view of Palm Beach

Nick Valenti and a satellite view of 150 Clarke Avenue in Palm Beach

Restaurateur Nick Valenti and his wife Linda paid $14 million for a Palm Beach estate in an off-market deal, records show.

And the seller of 150 Clarke Avenue is tech executive Casey Cowell, who recently picked up a new home in West Palm Beach for $5 million.

Valenti, whose full name is Fortunato N. Valenti, is CEO of Smith & Wollensky, as well as Patina Restaurant Group. Patina owns 56 restaurants across the country, including 21 in New York and one at Walt Disney World Resort in Orlando.

His new home spans nearly 9,300 square feet and includes five bedrooms, five bathrooms and one half-bath. The 0.78-acre property features balconies, patios, a pool, cabana and elevator.

Property records show Cowell paid $6.25 million for the estate, which is not on the ocean, in 2004. That means he made nearly $8 million in 12 years.

Meanwhile, Cowell bought the home at 3240 North Flagler Drive in April. The chairman and principal owner of Durandal, a tech company, also co-founded modem maker U.S. Robotics. He sold his Palm Beach estate at 146 Gulfstream Road for $6.75 million in 2007, records show.