The Real Deal Miami

Investment firm picks up Palm Beach home for $6M

Home was sold by golf course community pioneer
By Sean Stewart-Muniz | June 05, 2015 11:15AM

A street shot of 256 Palmo Way under construction

A street shot of 256 Palmo Way under construction

An investment firm just bought a newly built Palm Beach house for $6 million — more than $3 million more than what its previous owner paid just two years ago.

An affiliate of NISA, a Missouri-based investment management firm with $132 billion under its control, was the purchaser of 256 Palmo Way, according to Palm Beach County records.

The previous owner, an investment company tied to E. Llwyd Ecclestone Jr., demolished the property’s 65-year-old home two years ago and began construction on a contemporary residence.

The new home is nearly double the size of its predecessor, measuring 6,182 square feet, and comes with modern appliances, a pool and spa, plus an attached two-car garage.

The property’s value has risen tremendously over the past 17 years. Before Ecclestone put down $2.3 million to redevelop the home in 2013, it sold for $208,000 in 1998, according to Palm Beach County property records.

The Ecclestone family has a history of development in Palm Beach County, including pioneering golf course communities in the area.

Ecclestone Jr. developed the PGA National Resort in Palm Beach Gardens, and his son Ecclestone III runs a company that builds estate homes.