Marjorie Merriweather Post’s Palm Beach manse trades for millions twice in one week

Miami /
Jul.July 01, 2016 02:30 PM

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


Related Articles

arrow_forward_ios
Shahla and Hushang Ansary with Sun and Surf One Hundred building in Palm Beach (Getty, Google Maps)

Billionaire’s wife pays $14M for Palm Beach penthouse and cabana

Billionaire’s wife pays $14M for Palm Beach penthouse and cabana
Widow of late San Francisco Giants owner buys Palm Beach home

Widow of late San Francisco Giants owner buys Palm Beach home

Widow of late San Francisco Giants owner buys Palm Beach home
Jarrett Posner, Pablo Escobar with 5860 North Bay Road (The Waterfront Team)

Pablo Escobar’s former Miami Beach property sells for $11M

Pablo Escobar’s former Miami Beach property sells for $11M
Pharrell Williams and David Lerner with a photo of 2545 Northwest Third Avenue and a rendering of the Billionaire Boys Club exterior (Getty, Google Maps, Lerner Family Properties)

Pharrell’s Billionaire Boys Club to open store in Wynwood

Pharrell’s Billionaire Boys Club to open store in Wynwood
8 Windsor Court and Jonathan Sack (Google Maps)

Attorney buys Palm Beach mansion for $13M

Attorney buys Palm Beach mansion for $13M
Lawrence Kaplan and Bart Halpern with 2299 Ibis Isle Road East, Palm Beach (Getty, Corcoran) 

Textile designer pays $7M for waterfront Palm Beach home

Textile designer pays $7M for waterfront Palm Beach home
David Grutman and Alejandro Sanz with a rendering of 2050 North Bay Road (Getty, CMA Design Studio)

David Grutman closes on Alejandro Sanz’s Miami Beach home, plans new mansion

David Grutman closes on Alejandro Sanz’s Miami Beach home, plans new mansion
Marc Anthony and 300 Costanera Road (Getty, Mint Studios Miami)

Marc Anthony lists waterfront Coral Gables mansion for $27M

Marc Anthony lists waterfront Coral Gables mansion for $27M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...