Developer Carl Panattoni paid $28.57 million for an oceanfront Palm Beach estate, property records reveal.
The Perelman family trust, previously controlled by the late Raymond G. Perelman, sold the five-bedroom, 7,705-square-foot home at 965 North Ocean Boulevard. The price comes out to about $3,700 per square foot.
The deal is the most expensive residential sale to close so far this year in Palm Beach.
Perelman, who died in May, was founder, chairman and CEO of RGP Holdings, a private holding company composed of a vast array of manufacturing, mining, and financial interests. Along with his wife, Perelman was a well-known philanthropist in Philadelphia and Palm Beach.
Panattoni, the buyer, is chairman and founder of San Francisco-based Panattoni Development Company. The commercial real estate company focuses on office and industrial, and is one of the most active private industrial developers in the United States, according to its website.
In 2018, Panattoni and his wife Mary Jane paid $18 million for a home fronting the Everglades Golf Club in West Palm Beach.
His new Palm Beach home sits on a 1.24-acre property. Records show that Perelman paid $4.1 million for the property in 1992. The house was built in 1978.
The luxury residential market in Palm Beach has been on fire, with a number of records set in 2019.
Just this week, a company tied to Quicken Loans and its chairman Dan Gilbert paid $24.5 million for the Palm Beach mansion at 100 El Bravo Way.