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

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

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.

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