Investment adviser Charles Royce of Manhattan-based Royce & Associates and his wife Deborah, a Miramax film executive, bought a five-bedroom waterfront pad in Palm Beach for $13.4 million.
The two-story, 7,910-square-foot house at 10 South Lake Trail in the Lake Trail Estates development sits on more than three-quarters of an acre. It features a pool and a spa, and faces the Intracoastal Waterway. Sellers, Ralph and Calla Gould, picked it up in 1994 for $2.5 million, and therefore will be seeing a hefty profit.
The Royces have paid millions to redevelop several sites in Westerly, R.I., Daily Business Review reported. [Daily Business Review] — Mark Maurer