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Taubman family sells Palm Beach estate to paper mogul for $47M
Mizner-designed property stretches from the Intracoastal Waterway to the ocean and includes two pools, tennis courts and dock
Taubman Centers Chairman and CEO Robert S. Taubman sold an oceanfront Palm Beach estate for nearly $47 million to a paper mogul.
Taubman’s AAT BB LLC sold the 10-bedroom, 19,068-square-foot mansion at 1820 South Ocean Boulevard to White Birch Farm Inc. The buyer is tied to Peter Brant, chairman and CEO of White Birch Paper, a top newsprint manufacturer with pulp and paper mills in Canada and the U.S. Brant, who founded the Greenwich Polo Club, is also a developer and philanthropist.
The Ocean Boulevard estate was listed earlier this year for $52 million with Lawrence Moens of Lawrence A. Moens Associates. It sold for $46.75 million, or about $2,452 per square foot.
The Addison Mizner-designed property stretches from the Intracoastal Waterway to the ocean with an underground tunnel to the beach, like many homes on that stretch of Palm Beach. The 3.28-acre property includes two pools, a tennis court, and dock. Interior renovations were recently completed, according to the listing.
Built in 1926, Alfred Taubman purchased the estate in 1989 for $5.5 million, records show.
Simon Property Group announced prior to the pandemic that it was planning to acquire Taubman Centers for $3.6 billion. The deal is expected to close later this year.
A few big-ticket sales have closed in Palm Beach during coronavirus.
Luxury homebuilder Mark Pulte sold the Palm Beach estate at 446 North Lake Way for $33.2 million, and a company tied to the Estée Lauder family acquired the mansion at 1063 North Ocean Boulevard for $25.4 million.