Copier company chief cuts $18.7M check for Palm Beach estate

224 South Ocean Boulevard in Palm Beach. Inset: Armen Manoogian
224 South Ocean Boulevard in Palm Beach. Inset: Armen Manoogian

The head of an independent copier company just closed on a Palm Beach home for $18.7 million, property records show.

Kevin and Lisa McGovern sold the 8,722-square-foot mansion at 224 South Ocean Boulevard to Armen A. Manoogian, CEO of United Business Technologies. Kevin McGovern is chairman and CEO of New York and Boca Raton-based McGovern Capital, according to Bloomberg. His firm provides business and investment strategy.

Manoogian, whose nearly four decades of experience includes working for Xerox, paid cash for the six-bedroom home. The waterfront property features a cabana, two pools and a spa, according to the listing. It was built in 1924 and was recently restored with impact windows and doors, Creston lighting, and high-end finishes. The McGoverns paid $3.8 million for the home in 2001.

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Paulette and Dana Koch of the Corcoran Group were the listing agents. Joseph Borzillieri, also of Corcoran, represented the buyer, according to Redfin. It was on the market for $22.5 million, which means the house sold for a nearly 17 percent discount.

Manoogian also owns the Palm Beach home at 120 Everglades Avenue, which is listed for sale at $10.45 million and under contract, the Palm Beach Daily News reported.

Palm Beach has seen a number of multimillion-dollar waterfront home sales in recent months. Billionaire real estate investor Frank McCourt paid $77 million for the oceanfront property at 60 Blossom Way earlier this week, and luxury home builder Mark Pulte sold the spec home at 1330 South Ocean Boulevard for $31.59 million last week.