A private equity investor turned maple syrup magnate sold his lakefront Palm Beach estate for $71.85 million, marking the highest priced sale this year in the ritzy town.
Robb E. Turner and his wife, Lydia Turner, sold the waterfront property at 8 South Lake Trail to SL Trail LLC, a Florida company managed by attorney L. Benton Alexander Jr., records show.
The couple had owned the home since they acquired it in 2017 for $27 million and embarked on renovations. Developer Edward Falcone and his ex-wife Faye Falcone had sold the property to the Turners.
Robb Turner is founder and chairman of the Madave Group, a holding company with interests in energy fund management and energy financial services, according to its website. He was previously a senior partner and co-founder of power and energy private equity firm ArcLight Capital Partners.
In addition to his private equity work, Robb Turner and his wife also built Crown Maple, one of the largest, if not the largest, maple syrup production facility in North America in Dutchess County, New York, according to the New York Times.
The five-bedroom, six-and-a-half bathroom mansion has 9,318 square feet. The Turners completed interior and exterior renovations, including adding a new dock, pool, additional buildings and landscaping, records show. It sits on about 2 acres of land and was originally built in 1937.
The Palm Beach ultra luxury market has been on fire in recent weeks.
Earlier in June, the Kennedy family’s former Palm Beach compound, where President John F. Kennedy worked on his 1961 inaugural address, sold for $70 million.
Developer Todd Michael Glaser also paid $17 million for the non-waterfront Palm Beach estate at 127 Dunbar Road, with plans to restore it and live there with his family.
And luxury homebuilder Mark Pulte sold the lakefront lot at 445 North Lake Way for $23 million.