Paper magnate inks deal for condo at The Bristol

The Bristol in West Palm Beach continues to attract wealthy buyers as it nears sellout.

Paper magnate Bob Grossman and his wife Lynne purchased unit 2101 at the high end-luxury condo development for $12.2 million.

Bob Grossman and his brother Steven Grossman sold their containerboard manufacturing and corrugated packaging company, Southern Container Corp., in 2008 for $851 million, according to the Gwinnett Daily Post.

In 2017, Bob and Lynne Grossman paid $10 million for a unit in the north tower of Oceana Bal Harbour at 10201 Collins Avenue. They also own a number of superyachts.

Flagler Investors, led by Al Adelson and Gene Golub, developed The Bristol, a 25-story, 69-unit luxury tower at 1100 South Flagler Drive. Units range from 3,600 square feet to 14,000 square feet.

The project is the first new luxury condo building in West Palm Beach in the past decade. The development group has sold almost all of the units, and was able to attract estate owners in Palm Beach who were looking to downsize, according to Adelson.

Buyers include beauty mogul Sydell Miller, who closed on a full-floor penthouse for $42.6 million in March. Her Palm Beach estate sold in December for $105 million, tying the record for the largest residential sale ever in Palm Beach. In September, Miami developer James Harpel also bought a unit at The Bristol for $7.9 million.