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

Nick Valenti and a satellite view of 150 Clarke Avenue in 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.

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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.