When cereal heiress Marjorie Merriweather Post built her landmark estate in Palm Beach nearly a century ago, she likely didn’t imagine it would get flipped faster than a pancake in a street-side diner by anonymous buyers some 95 years later.
But that’s exactly what happened this week when the home was reportedly sold two times within two days, first for nearly $9 million and then for $12.9 million.
The home at 17 Golfview Road, known as “Horgacito,” was sold Thursday for $12.9 million to a Florida company managed by attorney Robert Bannish based in Boston, according to the Palm Beach Daily News.
Just two days prior, a land trust named after the property’s address — and also managed by an attorney, this time Martin Katz of Palm Beach — paid $8.95 million to buy the home, the Daily News reported.
That’s a profit of nearly $4 million in only two deals. So far, the brokers involved in the deal aren’t talking. The Palm Beach Daily News reported that Brown Harris Stevens agent Carole Hogan is under a confidentiality agreement, while broker Lawrence Moens hasn’t returned calls seeking comment.
The Spanish-style home has five bedrooms, six bathrooms and 10,236 square feet of living space.
Post, the home’s builder, inherited Postum Cereals from her father when he died in 1912. The company now boasts ubiquitous brands like Honey Bunches of Oats and Fruity Pebbles.
She built Horgacito alongside her then-husband E.F. Hutton in 1921 right alongside the Everglades Golf Course. According to the Daily News, the two left that home in 1927 in favor of their newly completed Mar-a-Lago estate — the very same one that’s been transformed into presidential frontrunner Donald Trump’s private club. [Palm Beach Daily News] — Sean Stewart-Muniz