Former Urban Outfitters exec sells waterfront Palm Beach estate

The estate sold for $11.5M
By Keith Larsen | June 26, 2019 10:30AM

Michael and Lisa Schultz and 1438 Ocean Boulevard in Palm Beach (Credit: Getty Images and Realtor)

Michael and Lisa Schultz and 1438 Ocean Boulevard in Palm Beach (Credit: Getty Images and Realtor)

A former Urban Outfitters executive — who now sells real estate in the Hamptons — and his wife sold their Palm Beach estate for $11.5 million.

Michael and Lisa Schultz sold their 6,328-square-foot oceanfront home at 1438 Ocean Boulevard for $1,817 per square foot, records show. The buyer is Joel M. Zylstra, the former chief operating officer of Granger Energy, a Lansing, Michigan-based company that works on converting garbage in landfills to energy sources.

The nine-bedroom, eight-bathroom home was built in 1929 and sits on 0.6 acres. It has been extensively renovated and has two kitchens, indoor/outdoor fireplaces, and a large heated pool, according to Zillow.

The Schultzes bought the home in 2005 for $5.2 million, records show.

After serving as president of Urban Outfitters, Schultz became the CEO of brands Lulu Guinness Ltd. and Cath Kidston Ltd. He then went into real estate and became a broker for high-end homes in the Hamptons. He currently works for Corcoran and has homes listed for north of $30 million.

Palm Beach is home to some of the most expensive homes in South Florida. The oceanfront Palm Beach estate of the late Broadway producer Terry Allen Kramer is currently under contract to sell for more than $100 million.

The deal would set a record in Palm Beach for the most expensive single-family home sale, beating the $95 million sale of President Trump’s mansion to Russian billionaire Dmitry Rybolovlev in 2008.