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

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.