The Real Deal Miami

Beer magnate’s grandson loses money on Palm Beach home after trying to flip it

June 09, 2018 12:55PM

534 Island Drive in Palm Beach (Credit: Golden Bear Realty)

A grandson of the founder of the Anheuser-Busch brewing business sold his house in Palm Beach for less than he paid after trying to flip it for a quick $5 million profit

Robert R. Hermann Jr., acting as trustee of a family trust, got $12.5 million for selling the four-bedroom house in the Everglades Island section of Palm Beach.

His grandfather was the late August “Gussie” Anheuser Busch Jr., who turned his family’s St. Louis-based brewing business into a leading beer maker.

Hermann had purchased the house at 534 Island Drive in 2016 for slightly more than $13 million.

He listed the house for sale with an asking price just below $18 million in August 2016, about a month after he purchased it, and he subsequently dropped the asking price twice to $16.9 million and $15.9 million.

Investment adviser Richard E. Salomon bought the house from Hermann.

Built in 1961, the Colonial-style residence has 8,674 square feet of indoor and outdoor living space. It s half-acre lot has more than 150 feet o frontage along the channel between the Everglades Golf Course and Everglades Island.

Two agents of the brokerage firm Corcoran Group, Brad and Pamela Miller, represented Hermann in the house sale.

Two other agents of Corcoran Group, Paulette Koch and Dana Koch, represented Salomon in the transaction.

Salomon is managing partner of East End Advisors, an investment firm in New York City, according to a biographical profile.

Hermann is chairman and chief executive officer of The Hermann Cos., a St. Louis-based holding company in the packaging business. [Palm Beach Daily News] – Mike Seemuth