Netscape co-founder James Clark sells
Palm Beach home for $90M

Sale marked the second highest single-family home sale in Palm Beach history

Miami /
Nov.November 12, 2018 04:45 PM

James Clark and an aerial view of Palm Beach

Netscape’s co-founder recently sold a 5-acre estate for close to $90 million to Kathryn and Leo A. Vecellio Jr., marking the second-highest real estate home sale in Palm Beach’s history, according to the Palm Beach Daily News.

The off-the-market deal was brokered by Lawrence Moens of Lawrence Moens Associates. It is the largest residential sale in Palm Beach this year.

1500 South Ocean Boulevard

The oceanfront property, known as Il Palmetto sits at 1500 South Ocean Boulevard. It has 340 feet of beachfront along with 360 feet of frontage on the Intracoastal Waterway, according to the Palm Beach Daily News.

Netscape’s co-founder James Clark paid $11 million for the property in 1999 and then restored and expanded the estate.

Leo Vecellio Jr. heads the Vecellio Group, one of the largest contractors in the country, which owns Ranger Construction Industries of West Palm Beach.

Clark first listed the property in 2016 through Sotheby’s International Realty, at $137 million, according to the Palm Beach Daily News. It was most recently listed in January at $95 million by Moens.

The only sale higher than the Il Palmetto was a $95 million sale of President Donald Trump’s 6-acre Palm Beach estate at 515 North County Road to Russian billionaire Dmitry Rybolovlev in 2008.

Moens was also the broker for the Rybolovlev deal, as well as a number of high-profile luxury real estate transactions in Palm Beach, including Ken Griffin’s purchases. Griffin, founder of the Chicago hedge fund Citadel, has spent more than $230 million assembling land for his Palm Beach estate at 1265 South Ocean Boulevard. Moens has represented both sides of nearly all of those deals, according to the Palm Beach Daily News. [Palm Beach Daily News]  — Keith Larsen


Related Articles

arrow_forward_ios
Alec Scheiner, former Cleveland Browns president, with 249 Sandpiper Drive in Palm Beach (RedBird Capital, Sotheby's International Realty)
Ex-Cleveland Browns president scores Palm Beach home
Ex-Cleveland Browns president scores Palm Beach home
Q2’s largest retail transaction: Regal Acquisitions’ $34 purchase of CVS-anchored retail at Boulan South Beach hotel (Google Maps)
South Florida’s retail market slowly emerges from pandemic woes in Q2
South Florida’s retail market slowly emerges from pandemic woes in Q2
Does it come with a home theater? IMAX director buys oceanfront Palm Beach house for $29M
Does it come with a home theater? IMAX director buys oceanfront Palm Beach house for $29M
Does it come with a home theater? IMAX director buys oceanfront Palm Beach house for $29M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Thomas Iovino and the Palm Beach property (Iovino via LinkedIn, Brown Harris Stevens via Realtor)
Construction chief buys flipped Palm Beach spec mansion for $18M
Construction chief buys flipped Palm Beach spec mansion for $18M
Tommy Hilfiger and his wife Dee Ocleppo Hilfiger with the Palm Beach location (Google Maps, Getty)
Tommy Hilfiger and wife drop $46M on third Palm Beach real estate purchase this year
Tommy Hilfiger and wife drop $46M on third Palm Beach real estate purchase this year
Todd Michael Glaser with 10 Tarpon Isle (Todd Michael Glaser)
Spec home developer Todd Glaser, partners buy entire Tarpon Island in Palm Beach for $85M
Spec home developer Todd Glaser, partners buy entire Tarpon Island in Palm Beach for $85M
Moving on up: Wealth manager upgrades to $15M Palm Beach home
Moving on up: Wealth manager upgrades to $15M Palm Beach home
Moving on up: Wealth manager upgrades to $15M Palm Beach home
arrow_forward_ios

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

Loading...