Ex-Lehman Brothers director sells Palm Beach home to retired Trammell Crow CEO

It hit the market in January for nearly $8M

Oct.October 04, 2019 02:30 PM
From left: Michael and Suzanne Ainslie with 202 Plantation Road and Ron Terwilliger (Credit: Getty Images and Redfin)

From left: Michael and Suzanne Ainslie with 202 Plantation Road and Ron Terwilliger (Credit: Getty Images and Redfin)

The retired CEO of Trammell Crow Residential paid $7.2 million for a home in Palm Beach.

The seller also has ties to the real estate industry. Property records show Michael and Suzanne Ainslie sold the four-bedroom, 5,356-square-foot house at 202 Plantation Road. Michael Ainslie was president and CEO of Sotheby’s between 1984 and 1994, and a director at Lehman Brothers from 1996 until its 2008 bankruptcy. At Lehman Brothers, he oversaw the sale and disposition of the company’s assets.

The buyer is Our Palm Beach Home LLC, a Delaware company that lists the Key Largo address of J. Ronald Terwilliger. Terwilliger is chairman emeritus of Trammell Crow and a former CEO of the multifamily development company, which has built more than 250,000 units in major markets.

Terwilliger is also the founder and chairman of his J. Ronald Terwilliger Foundation for Housing America’s Families.

The Palm Beach house hit the market earlier this year for nearly $8 million. Suzanne Ainslie represented herself and her husband as the listing agent. She’s with Sotheby’s International Realty.

The non-waterfront property last sold for $1.55 million in 2011. It features a full house generator, gas fireplace, wine room, master suite and a loggia overlooking a garden designed by landscape architect Mario Nievera, according to the listing. The house was built in 2013.

The ultra-high-end residential market in Palm Beach boomed over the summer, during what is typically the off-season. Fourteen single-family homes totaling more than $343 million in sales volume closed in July, according to MLS and Palm Beach County data compiled by Premier Estate Properties.

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