The Real Deal Miami

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

Everglades Island house was built by Malasky Homes
By Amanda Rabines | September 07, 2018 10:30AM

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.