Founder of private preschool sells Palm Beach estate for $10M
The home sold $1,161 per square foot
The founder of a private preschool sold a Palm Beach estate near the ocean for $10.4 million.
Jan Malley, who founded the Little Red School House, and her husband Chip sold the 8,953-square-feet mansion at 110 Clarendon Avenue for $1,161 per square foot, records show. North Fifth LLC, a Delaware company, is the buyer.
In 2014, Little Red School House was purchased by Rainbow Child Care Center.
At the time of the sale, the Little Red School House had more than 13 campuses with a staff of 350 in the Cincinnati and Northern Kentucky area, according to a press release.
The Palm Beach property last sold for $9.8 million in 2012, records show. The Mediterranean-style house has five bedrooms and seven bathrooms. It also features a formal English garden, a pool and guest house, according to a listing on Realtor.com.
Smith Lore of Sotheby’s International Realty represented the seller in the deal, according to Realtor.com.
The Palm Beach luxury home market has been on fire, with two deals closing last year for more than $100 million, each. In February, developer Carl Panattoni paid nearly $29 million for an oceanfront Palm Beach estate, and a company tied to Quicken Loans and its chairman Dan Gilbert paid $24.5 million for the mansion at 100 El Bravo Way in Palm Beach.