Edward Falcone, ex sell Palm Beach home at a loss for $27M

Mansion sold for $2,700 psf and the land for more than $375 psf

May.May 19, 2017 05:15 PM

8 South Lake Trail

Developer Edward Falcone and his ex-wife Faye Falcone sold their waterfront home for $27 million, less than what they paid in 2005. 

Property records show the Falcones sold the six-bedroom, 9,918-square-foot mansion to Old Kapok LLC, a Delaware company. No financing was recorded, and more information on the buyer was not available online.

Falcone is the brother of developer Art Falcone, whose projects include redeveloping the Plantation Fashion Mall and Miami Worldcenter.

Edward Falcone and his ex-wife paid nearly $28.75 million for the 1.65-acre property at 8 South Lake Trail in 2005, which means they sold it for 6 percent less. It hit the market about two years ago for $36 million – $9 million, or 25 percent more than its latest sale price.

The historic home traded for about $2,700 per square foot and the land traded for more than $375 per square foot.

The two-story estate was built in 1937 and was designed by Palm Beach architect John Volk. It was listed in March 2015 with Greg Weadock of Brown Harris Stevens. Records show it has a pool, spa, dock and boat lift, and fronts the Intracoastal. Chris Deitz of the Fite Group represented the buyer, and Toni Hollis represented the sellers, according to the Palm Beach Daily News.

The Falcone brothers sold their company, Transeastern Properties for more than $800 million in 2005, the newspaper said.

They also sold a Boca Raton cemetery they owned in early 2016 for $16.5 million.

According to a Palm Beach Post report, the home was supposed to be part of their 2015 divorce settlement.

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