Brothers Richard and Jeffrey Feinstein are on a roll in Palm Beach.
Property records show the BuyBuy Baby founders just sold a 6,758-square-foot home 416 Brazilian Avenue for $8.5 million. The deal comes shortly after their recent $21 million acquisition of a 7,670-square-foot house at 488 Island Drive on Everglades Island in Palm Beach .
The buyer is Jacqueline J. Ferro. She’s married to Michael W. Ferro Jr., the former chairman of Tribune Publishing Company, one of the largest newspaper publishing companies in the United States. He stepped down in March, two years after buying a stake in the company worth $44 million at that time. Jacqueline J. Ferro is president of Ferro Farms Cider in Chicago.
Built in 2010, the five-bedroom home features high ceilings, an elevator, multiple fireplaces, a pool and guest home. Records show the Feinsteins bought the property from developer David W. Frisbie in 2012 for $7.3 million. Frisbie bought the lot in 2009 for $1.5 million.
Broker Christian Angle of Christian Angle Real Estate had the most recent listing. The home hit the market in September for $10.55 million, meaning it sold at a nearly 20 percent discount.
The site was previously home to a 1920s-era house owned by art dealer James Hunt Barker. In 2008, the home was significantly damaged due to a fire caused by bad electrical wiring. James Heyman, who lived in the house with Barker, reportedly died in the blaze.
The Feinsteins 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.