Former CEO of Michaels sells Boca Raton mansion for $10M

The 9K sf home in the Royal Palm Yacht & Country Club sold for $1,108 psf

TRD MIAMI /
May.May 11, 2020 05:00 PM
311 East Key Palm Road, Mark S. Cosby (Credit: Google Maps)

311 East Key Palm Road, Mark S. Cosby (Credit: Google Maps)

The former CEO of the craft store Michaels and his wife sold their waterfront estate in the Royal Palm Yacht & Country Club for $10 million, marking one of the priciest residential sales in Boca Raton in the past year.

Mark S. Cosby and Kathleen Corsi of Weston, Massachusetts, sold the mansion at 311 East Key Palm Road to Paulina Franco of Boca Raton, records show. The home totals 9,022 square feet, equating to a price of $1,108 per square foot.

The mansion has six bedrooms, 10 bathrooms and a pool. It was listed in February 2019 for $10.25 million, according to Realtor.com.

Cosby and Corsi purchased the property for $5 million in 2014. The home was built in 2015.

Marcy Javor with Signature One Luxury Estates represented the seller. Lynne Gewant with Coldwell Banker Realty represented the buyer, according to Realtor.com.

Cosby became the interim CEO of Michaels in February 2019 and was hired as the permanent CEO in October 2019, according to a press release. He was then replaced in December by former Walmart executive Ashley Buchanan. Cosby was formerly the president of Office Depot, which is headquartered in Boca Raton.

Royal Palm Yacht & Country Club is home to some of Boca Raton’s priciest homes. Last month, a former general counsel at Office Depot sold a home in the Royal Palm Yacht & Country Club for $5.7 million.

In April 2019, the head of a medical investment firm and his wife sold a 8,570-square-foot house at 271 West Coconut Palm Road in the Royal Palm Yacht & Country Club for $11 million.


Related Articles

arrow_forward_ios
John Pulichino and Joy Tong, 3621 Princeton Place (Credit: Google Maps)

Luggage designer sells waterfront Boca Raton mansion for $6M

Luggage designer sells waterfront Boca Raton mansion for $6M
Investments Limited’s James Batmasian and clockwise from top left: 22797-22749 State Road 7, Boca Raton; 601 Fairway Drive, Deerfield Beach; 23123 South State Road 7, Boca Raton; 22973-23071 South State Road 7, Boca Raton (Credit: Google Maps)

Investments Limited scores $67M loan for 13 SoFla properties

Investments Limited scores $67M loan for 13 SoFla properties
Richard Paul Richman, founder and chairman of the Richman Group and 9260 Boca Vue Drive in Boca Raton (Credit: Google Maps)

Richman scores $57M loan to build apartments on Boca Raton golf course

Richman scores $57M loan to build apartments on Boca Raton golf course
Office Depot CEO CEO Gerry Smith and 6600 North Military Trail (Credit: Google Maps)

Office Depot snags $118M refi for Boca Raton HQ

Office Depot snags $118M refi for Boca Raton HQ
Beth Butler of Compass, 101 Renaissance Centre (Credit: Google Maps)

Compass plans to open new office in downtown Boca Raton

Compass plans to open new office in downtown Boca Raton
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
1717 Sabal Palm Drive, Steve Calkins (Credit: Premier Estate Properties/Youtube, and LinkedIn)

Former Office Depot exec sells Boca Raton home for $6M

Former Office Depot exec sells Boca Raton home for $6M
Thomas F. Marano and 1281 Spanish River Road (Credit: Ditech, Redfin)

Former mortgage exec buys waterfront Boca Raton home

Former mortgage exec buys waterfront Boca Raton home
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...