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No more shrimp on this barbie: Outback co-founder sells Palm Beach home
Financial exec who bought the oceanfront estate also sold his to the Outback co-founder for $5.8M
UPDATED, July 10, 3:40 p.m.: G’bye, mate. Outback Steakhouse co-founder J. Timothy Gannon sold his beachfront Palm Beach estate for $12.2 million, property records show.
Laurence and Molly Austin of Palm Beach bought the 5,646-square-foot, five-bedroom home at 1300 North Ocean Boulevard. The property, on the north end, includes a private pool and cabana with a bathroom across North Ocean Boulevard on the beach.
Gannon isn’t going too far. The Austins sold their 5,800-square-foot, five-bedroom home at 235 Nightingale Trail to Gannon for $5.76 million, according to property records.
Laurence Austin co-founded investment firm Endeavour Capital Advisors in Greenwich, Connecticut.
Gannon co-founded Outback in 1988 and later created OSI Restaurant Partners, which operates Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Roy’s Restaurant and Fleming’s Prime Steakhouse & Wine Bar. He’s also a polo player, and won three U.S. Open Polo Championships.
Records show he paid $5.5 million for the Palm Beach house at 1300 North Ocean Boulevard in 2011. The property hit the market in October for $16.9 million with Lawrence Moens of Lawrence A. Moens Associates Inc., according to Realtor.com. The price was reduced to $13.9 million in March.
The Austins, meanwhile, paid about $1 million for the Nightingale Trail house, a non-waterfront property, in 2010.
The high-end residential market in Palm Beach has been on fire in recent weeks.
Russian oligarch and billionaire Dmitry Rybolovlev sold the last lot of President Trump’s former waterfront Palm Beach estate, at 525 North County Road, for $37.3 million.
In July, the Palm Beach estate of the late Terry Allen Kramer sold for about $105 million, excluding commissions. That deal marked a new record for residential sales in Palm Beach. Moens was involved in both of those deals as well.