The Real Deal Miami

First lot from former Kluge estate sells for $6.99M

Sir Peter Wood bought the estate for $39 million last year and turned it into a five-lot subdivision
October 08, 2017 04:15PM

The John Kluge estate in Palm Beach

The former John Kluge estate in Palm Beach

Sir Peter Wood got $6.99 million for selling the first of five lots in Palm Beach he subdivided from the estate of late billionaire John Kluge.

Wood sold the 20,361-square-foot lot for approximately $343 per square foot to a Palm Beach couple who own an oceanfront home adjacent to the lot.

The lot had been listed for sale with a $7.95 million asking price.

The new owners are Thomas D. and Mary Alice O’Malley, who reside at 101 El Bravo Way.

The former Kluge estate is located at the corner of El Bravo Way and South County Road.

Wood bought the former Kluge estate for $39 million in 2016 from the billionaire’s alma mater, Columbia University. Kluge bequeathed the 5.12-acre property to the university before he died in 2010.

Wood is marketing the remaining four lots at asking prices that range from $6.89 million to $14.5 million. [Palm Beach Daily News] — Mike Seemuth