Charter school entrepreneurs sell oceanfront Palm Beach estate for $40M+

2-acre estate features home theater, 8-car garage, hair salon, arcade and more
By Katherine Kallergis | July 02, 2019 11:30AM

1071 North Ocean Boulevard with Danielle Gureghian and Vahan Gureghian

1071 North Ocean Boulevard with Danielle Gureghian and Vahan Gureghian

Philadelphia attorneys and charter school owners Vahan and Danielle Gureghian sold their custom-built Palm Beach mansion for more than $40 million.

Records show the 1071 North Ocean Boulevard Trust, controlled by West Palm Beach attorney Maura Ziska and linked to the Gureghians, sold the seven-bedroom, 33,000-square-foot estate at 1071 North Ocean Boulevard for $40.87 million. The buyer is REIWA LLC, which is led by West Palm Beach lawyer Alan Ciklin.

The oceanfront property first hit the market in March 2015. The owners lowered the asking price several times since then, taking it down to about $60 million. It went under contract earlier this year.

1071 North Ocean Boulevard

1071 North Ocean Boulevard

Agents Ashley McIntosh, Gary Pohrer and Vince Spadea of Douglas Elliman are the listing agents. Lawrence Moens of Lawrence A. Moens Associates Inc. represented the buyer.

The mansion sits on a 2-acre double lot with 242 feet of beach frontage with two oceanfront balconies, a massage room, home theater, library, staff quarters, an eight-car garage, hair salon, massage room and arcade.

The property last sold for $12 million in 2011, and the couple built the home but never lived in it, according to the Palm Beach Daily News. They’re reportedly planning to buy the former home of Palm House developer Robert V. Matthews at 101 Casa Bendita.

1071 North Ocean Boulevard

1071 North Ocean Boulevard

Vahan Gureghian is also the founder and CEO of CSMI, a charter school management company, and Danielle is executive vice president and general counsel at CSMI, according to the company’s website.

The Palm Beach deal closed just days after the estate of the late Terry Allen Kramer sold her property at 1295 South Ocean Boulevard in Palm Beach for more than $110 million, including commissions, marking the most expensive single-family home sale ever in Palm Beach County.

Moens also represented the buyer of that estate, who is hidden by a Delaware LLC. Elliman’s Pohrer and McIntosh were listing agents on that sale as well.