Corporate titan trades his sprawling Palm Beach estate for $12.5M

Owners had assembled estate for $5 million over more than a decade

TRD MIAMI /
Jul.July 08, 2016 08:45 AM

Donald Carter, who helped foster a generation of corporate raiders like billionaire Carl Icahn in the 1980s, has just sold his waterfront compound in Palm Beach for $12.5 million.

Located at 6 Lagomar Road, the estate measures just under an acre and is mainly occupied by a six-bedroom, six-bathroom home that was built in the 1950s. County records show it also has a separate one-bedroom guest house that was put up in 2001.

Carter first listed the home for sale with Paulette Koch of the Corcoran Group for $24 million in February 2015, though the price was chopped several times before reaching its final ask of $16.9 million in April of this year, according to listing service RedFin. Gregory Weadock of Brown Harris Stevens’ Palm Beach office brought the buyer.

The buyer is a trust in the name of Bruce Taylor, a Midwest businessman who also owns the home at 720 North County Road.

Carter and his then-wife Nancy began assembling their holdings on Lagomar Road back in the late 1990s, starting with the $2.6 million purchase of the estate’s main home. They paid another $2.4 million through the years for three beachfront parcels that give their estate deed access to the ocean, bringing their total expenditure to a flat $5 million.

This was all following the virtual implosion of Donald Carter’s career on Wall Street when he was investigated by the state of New York for allegedly overbilling his well-heeled clients and falsifying tax returns, according to a 1990 report from the New York Times. He had built an empire around proxy solicitation, which essentially means whipping up votes from a company’s shareholders to aid in a corporate takeover.

Years later in 1998, a New York state judge tossed Carter’s conviction, according to a Wall Street Journal report, saying prosecutors had concealed information that could’ve helped Carter’s defense.


Related Articles

arrow_forward_ios
Carl Esrey & 119 E Inlet Drive (Credit: Google Maps)

Real estate financier drops $6M on Palm Beach home

Real estate financier drops $6M on Palm Beach home
The late Kate Ford with 300 North Lake Way (Credit: William Jacobellis/New York Post Archives /(c) NYP Holdings, Inc. via Getty Images, and Google Maps)

Ford family estate in Palm Beach lists for $58M

Ford family estate in Palm Beach lists for $58M
Donald Burns and 1021 North Ocean Boulevard (Twitter, Realtor)

Telecom tycoon sells Billionaires Row teardown in Palm Beach for $28M

Telecom tycoon sells Billionaires Row teardown in Palm Beach for $28M
From left: The Bristol in West Palm Beach; 6431 Pine Tree Drive Circle, Miami Beach; 2325 Desota Drive, Fort Lauderdale; and 12520 Seminole Beach Road, North Palm Beach (Realtor, iStock)

South Florida signed resi contracts up in September: Elliman

South Florida signed resi contracts up in September: Elliman
11750 Turtle Beach Road, North Palm Beach (Realtor)

Billionaire businessman sells North Palm Beach mansion for $19M

Billionaire businessman sells North Palm Beach mansion for $19M
Tad Smith and 250 Indian Road (Courtesy of Sotheby's, Realtor)

Former Sotheby’s CEO buys Palm Beach home for $8M

Former Sotheby’s CEO buys Palm Beach home for $8M
Joseph McMillan, CEO of DDG, and Kerry Warwick with 3550 South Ocean

Corcoran takes over sales of 3550 South Ocean

Corcoran takes over sales of 3550 South Ocean
1556 North Ocean Boulevard (Credit: Google Maps)

Wife of South Florida builder sells Palm Beach spec home for $7M

Wife of South Florida builder sells Palm Beach spec home for $7M
arrow_forward_ios

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

Loading...