The trust of the late former CEO of General Electric, Jack Welch, sold a waterfront estate near North Palm Beach for $21 million.
The trust sold the 8,410-square-foot home at 11935 Lost Tree Way for $2,497 per square foot, records show. 11935 LTW Realty Trust, which lists attorney David Norris as its trustee, bought the home. Welch and his wife Suzy purchased the property in 2007 for $7.6 million.
The home has five bedrooms and 10 bathrooms, records show. It was built in 2000.
Welch was the chairman and CEO of General Electric between 1981 and 2001. While overseeing GE, he increased the company’s market value to $410 billion and was named “Manager of the Century” by Fortune magazine in 1999. He was also known as “Neutron Jack” for firing the bottom 10 percent of the company’s managers. He died last month at age 84 from kidney failure, according to the New York Times.
Suzy Welch was a former journalist with the Miami Herald and the Associated Press and an author and television commentator.
The village of North Palm Beach’s luxury residential market has seen some big sales in recent years. It is also home to the Jack Nicklaus Signature golf course.
Earlier this week, the engineer who helped design one of the first artificial hearts bought an estate at 12314 Plantation Lane in North Palm Beach’s Seminole Landing for $8.65 million.
In March, the co-founder of private equity firm Bain Capital bought a waterfront North Palm Beach estate at 11087 Old Harbour Road for $16.8 million or $2,134 per square foot.