BuyBuy Baby founders pay $21M for spec home in Palm Beach

Everglades Island house was built by Malasky Homes

Miami /
Sep.September 07, 2018 10:30 AM

488 Island Drive

BuyBuy Baby founders Richard Feinstein and Jeffrey Feinstein just paid $21 million for a spec home in Palm Beach, built this year by luxury home builder Malasky Homes.

The trade for the 7,670-square-foot house at 488 Island Drive on Everglades Island breaks down to about $2,740 per square foot. Records show Richard and Jeffrey Feinstein were listed as trustees of the RSF Trust.

The seller, 488 Island Drive LLC, is tied to the family-owned homebuilding business led by Bruce Malasky. Records show the entity paid $8.4 million for the half-acre property in 2015.

The Feinsteins are brothers who founded the infant and young children’s retailer BuyBuy Baby in 1996. The siblings sold the company in 2007 for $67 million to Bed Bath & Beyond, which was co-founded by their father Leonard Feinstein.

The property, once listed for as high as $27.9 million, features Intracoastal Waterway views from three sides as well as a pool and loggia. Other features include multiple fireplaces, a wine cellar, an elevator and a one-bedroom guest apartment.

Christian Angle with Christian Angle Real Estate represented the seller and brought the buyer.

Nearby on Everglades Island, Malasky is also trying to sell 608 Island Drive for $16.9 million. Records show the builder bought that property in 2016 for nearly $6.5 million.

Other owners on the exclusive Palm Beach island have included a former Bear Stearns executive, a member of the St. Louis-based Hermann family, and the founder of the Checkers fast food chain.


Related Articles

arrow_forward_ios
Todd Glaser with aerial view of 870 South Ocean Boulevard in Palm Beach. (Google Maps, Mary Beth Koeth)

Todd Glaser, partners close on Palm Beach home across from ocean for $13M

Todd Glaser, partners close on Palm Beach home across from ocean for $13M
320 Island Road, Palm Beach (Google Maps)

Payday lender CEO buys Palm Beach house for $26M

Payday lender CEO buys Palm Beach house for $26M
W. Allan Jones & 326 Via Linda, Palm Beach (Wikimedia Commons, Google Maps)

Cash king sells waterfront Palm Beach home for $27M

Cash king sells waterfront Palm Beach home for $27M
535 North County Road (Palm Beach Property Appraiser)

Oceanfront Palm Beach spec mansion hits the market, asking record $140M

Oceanfront Palm Beach spec mansion hits the market, asking record $140M
Judith Ripka Berk and Ronald Berk with 273 Tangier Avenue, Palm Beach (Getty, Google Maps, iStock)

Must be a gem: Luxury jewelry designer Judith Ripka sells Palm Beach home for $13M

Must be a gem: Luxury jewelry designer Judith Ripka sells Palm Beach home for $13M
President Donald Trump with Melania Trump and Mar-a-Lago (Getty)

Florida representative wants Mar-a-Lago shut down following maskless NYE party

Florida representative wants Mar-a-Lago shut down following maskless NYE party
Eduard de Guardiola with 235 Via Vizcaya (Vista Realty, Premier Estate Properties/Realtor)

Atlanta real estate investor sells waterfront Palm Beach house for $18M

Atlanta real estate investor sells waterfront Palm Beach house for $18M
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)

South Florida’s pandemic-fueled residential market poised for bull run in 2021

South Florida’s pandemic-fueled residential market poised for bull run in 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...