Edward Falcone’s former Palm Beach mansion sells for $14M

A Palm Beach mansion once owned by real estate developer Edward Falcone just sold to hedge funder Philip Korsant for $13.9 million.

Korsant and his wife Catherine bought the 12,805-square-foot home at 115 Via La Selva through a trust in Philip’s name, property records show. The deal breaks down to more than $1,000 per square foot. The couple also closed on a $10.5 million loan from JPMorgan Chase.

The sellers, pharmaceutical executive James Edward Niedel and his wife Selaine, bought the house from Edward Falcone, the brother of real estate developer Art Falcone, in 2009 for $9.3 million. James also founded New Leaf Venture Partners, a technology health care venture capital firm.

Korsant is a director at the New York-based hedge fund and investment company Ziff Brothers Investments.

The house hit the market in February for $16.9 million, according to Palm Beach Daily News, and sold at a 17.8 percent discount. The Corcoran Group’s Paulette Koch and Dana Koch represented the sellers. Allison Wren and Suzanne Frisbie brought the buyer.

The eight-bedroom, eight-bathroom home was built in 1928, records show. It sits on a 0.84-acre lot and includes a library, wood floors, courtyard and swimming pool.

The town granted the house landmark protection in 1990, according to the Palm Beach Daily News. Edward Falcone bought the house in 2004 for $7.3 million. One year later, the developer paid nearly $29 million for a mansion at 8 South Lake Trail, which he sold this year.