The Real Deal Miami

St. Louis-based Hermann family buys Palm Beach estate: $13M

Two-story home last sold for $3.85M in 2000

July 21, 2016 06:00PM
By Katherine Kallergis

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534 Island Drive in Palm Beach

534 Island Drive in Palm Beach

The president and CEO of one of the largest private employers in St. Louis just spent $13 million on a waterfront Palm Beach estate.

Robert R. Hermann Jr., president, CEO and chairman of the Hermann Companies, bought the Everglades Island home at 534 Island Drive, records show. The Colonial-style home spans 6,874 square feet with four bedrooms and five bathrooms. It was built in 1961 but later renovated and includes a pool, home office, balconies, a dock and more than 150 feet of frontage on the Intracoastal.

Chris Deitz of the Fite Group represented the sellers, Harold F. Corrigan and Lorraine Corrigan. Corcoran’s Bradford Miller represented the buyer, according to Redfin.

Property records show the Corrigans paid $3.85 million for the two-story home in 2000. Harold Corrigan, a former managing director at Merrill Lynch, and his wife Lorraine Corrigan hired Smith and Moore Architects and Simmons Building to renovate the property, according to the Palm Beach Daily News. They first listed it for sale in 2010 with their son, James Corrigan, for $16.5 million. It went under contract in April after being listed again in January for just less than $16 million.

A trust in Hermann’s name purchased the property. Hermann Companies manufactures and markets plastic packaging products for foodservice retail and food processor industries, according to Bloomberg.

Everglades Island is a narrow island in between Palm Beach and West Palm Beach. Hermann’s new home overlooks the Everglades Golf Course.