Vodka heir pays $6M straight up for Boca Raton estate

Miami /
Sep.September 16, 2019 01:30 PM
Michael and Michelle Hagerty, and their home in Royal Palm Yacht & Country Club (Credit: Keeping the Promise, Realtor)

Michael and Michelle Hagerty, and their home in Royal Palm Yacht & Country Club (Credit: Keeping the Promise, Realtor)

Drinks are in order, most likely a martini.

Michael and Michelle Hagerty, whose family owned White Rock Distilleries, bought a waterfront estate in Boca Raton’s Royal Palm Yacht & Country Club from restaurateur Gary Rack and his wife Videl for $6.2 million.

Gary Rack, who owns Racks Fishhouse & Oyster Bar in Delray Beach, sold the 7,175-square-foot waterfront home at 324 East Coconut Palm Road for $860 per square foot, according to property records.

The Racks had purchased the property in 1998 for $1.45 million and built the home in 2001, records show.

The Hagertys earlier this year purchased the adjacent home at 312 East Coconut Palm Road for $12.5 million, so the couple can now combine the lots.

Michelle Hagerty’s family owned the parent company of Pinnacle and Three Olives Vodka. The company was eventually sold to Beam Inc., the maker of Jim Beam, in 2012 for $605 million.

The seller was represented by David W. Roberts of Royal Palm Properties and the buyer was represented by J.P. DiMisa with Douglas Elliman of Boca Raton, according to Realtor.com.

The high-end neighborhood features a country club that sits along the Intracoastal Waterway and Capone Island, along with a yacht club, a pool, a sports court, an entertainment patio and marina, fitness center and tennis courts.

Earlier this month, a group of executives tied to a West Palm Beach transportation company bought a 9,203-square-foot house at 300 East Key Palm Road for $12.1 million.

In April, Steven and Rebecca Scott sold a 8,570-square-foot house at 271 West Coconut Palm Road in the Royal Palm Yacht & Country Club for $11 million, records show.


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