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

Everglades Island house was built by Malasky Homes

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

670 Island Drive and Paul Shiverick (Credit: Getty Images) 

Hedge funder sells Palm Beach home for $19M

Todd Glaser and the home

Todd Glaser venture sells Palm Beach spec home for $9M

134 El Vedado Road (Credit: iStock)

Developer sells Palm Beach estate for $14M

800 South County Road (Credit: Realtor)

Mizner estate in Palm Beach sells for $24M

Nirka Burns Padilla and Martin Conroy 

Movers & Shakers: Palm Beach broker leaves William Raveis for Douglas Elliman & more

Mark Wilf, and 310 Atlantic Avenue (Credit: Getty Images and Realtor)

Co-owner of Minnesota Vikings sells Palm Beach townhome

Roger Hertog and The Bristol in West Palm Beach (Credit: Getty Images)

Investment honcho pays $14M for condo at The Bristol

225 Indian Road

10th most expensive home sale of the year closes in Palm Beach