The son of late billionaire businessman Malcolm Glazer took a $1.8 million hit on the sale of a Palm Beach home.
Joel and Angela Glazer sold the 535 South County road residence for $7.5 million in a transaction recorded on Friday, according to Palm Beach County records. The couple paid $9.3 million for the five-bedroom, 6,260-square-foot house in June 2007. The house was originally constructed in 1938 and renovated in 2002.
The buyer is 535 South County Road LLC of West Palm Beach. State corporate records identify Francis Lynch as the company’s manager. No financing was recorded.
A commencement notice indicating plans to demolish the existing home was also filed with the county on Friday.
Malcolm Glazer, who held a controlling ownership stake in the Tampa Bay Buccaneers and England’s Manchester United, died in May. The Glazer family actively buys and sells property throughout Palm Beach.
In July, Avram “Avie” Glazer – another son of Malcolm – got nearly $13 million for a landmarked home in the town’s Estate Section. — Eric Kalis