The Real Deal Miami

Tom Elghanayan and wife buy Palm Beach home

Tom Elghanayan gets a 98% interest in the $8.1M house, his wife Madeline Hult Elghanayan gets 2%
By Katherine Kallergis | December 18, 2018 01:30PM

Tom Elghanayan, Madeline Hult Elghanayan and 235 Dunbar Road

Tom Elghanayan and his wife Madeline Hult Elghanayan paid $8.1 million for a home in Palm Beach, property records show.

The Elghanayan family is worth more than $2 billion as of 2015, according to Forbes. The family owns Rockrose and TF Cornerstone, both based in New York. Brothers Tom and Fred Elghanayan spun off from Rockrose and created TF Cornerstone in 2009. Their firm is developing a portion of Amazon’s second headquarters in Long Island City. Tom, whose full name is K. Thomas Elghanayan, purchased a nearly 98 percent interest in the 6,880-square-foot non-waterfront home at 235 Dunbar Road, with Madeline controlling a minority portion.

Records show 235 Dunbar LLC, led by attorney Maura Ziska, sold the house. The sellers are Palm Beach real estate investor Barbara Stovall Smith and her financier husband, Randall Smith, according to the Palm Beach Daily News. The home last sold for $6.18 million in 2013.

The property, which was built in 1936, includes a guest home and pool.

In November, TF Cornerstone signed a contract to buy a $300 million development site near Amazon’s planned Long Island City headquarters days before the e-commerce company made its official announcement. Tom is chairman of TF Cornerstone and his brother Fred is president.

Madeline Hult Elghanayan is a real estate broker with Douglas Elliman, ranked among The Real Deal’s top 10 new development closers in 2016.