Former CEO of Stanley Black & Decker buys North Palm Beach condo

The property sold for $2,525 psf

Miami /
Apr.April 20, 2020 03:30 PM
John Lundgren, Tamara Lundgren and 11370 Turtle Beach Road (Credit: Google Maps, Stanley Black & Decker)

John Lundgren, Tamara Lundgren and 11370 Turtle Beach Road (Credit: Google Maps, Stanley Black & Decker)

A power couple — the former chairman of Stanley Black & Decker and the CEO of a major steel company — bought a condo in North Palm Beach for $7.4 million.

John Lundgren, formerly of New Britain, Connecticut-based Stanley Black & Decker, and his wife Tamara, president and CEO of Portland, Oregon-based Schnitzer Steel Industries, bought the 2,930-square-foot condo at 11370 Turtle Beach Road for $2,525 per square foot, records show. Maurice Pinsonnault sold the property, according to records.

Pinsonnault is a Canadian businessman whose company manufactures and distributes products for babies and toddlers, according to the company’s website.

The condo has three bedrooms and three-and-a-half bathrooms, records show. Built in 1968, the unit last sold for $3 million in 2011, records show.

From 2004 to 2016, John Lundgren was chairman and CEO of Stanley Black & Decker, which makes tools, storage, and security systems. He previously spent 25 years at Georgia Pacific, where he ran the company’s international consumer products business.

The village of North Palm Beach’s luxury residential market has seen big sales in recent years. It is also home to the Jack Nicklaus Signature golf course.

Earlier this month, the trust of Jack Welch, the late former CEO of General Electric, sold his estate in 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.

Also in April, 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.


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