The chairman of Ross Stores snagged a home in Palm Beach for $6.5 million, marking another high-profile buyer choosing the island during the pandemic.
Michael Balmuth bought the 3,895-square-foot house at 154 Atlantic Avenue for $1,668 per square foot, records show. Purucker & Marrano Custom Homes, a custom homebuilder, sold the home, which was built in 2019.
The house has four bedrooms and four-and-a-half bathrooms. It features wide oak plank flooring, marble mosaics, custom cabinetry and moldings, according to the listing.
Heather Bretzlaff with Douglas Elliman represented the seller, and Dana Koch with the Corcoran Group represented the buyer, according to Realtor.com.
The property last sold for $2.7 million in April 2018, records show.
Purucker & Marrano specializes in luxury homes and has designed homes in Lost Tree Village, Old Marsh Golf Club, Loxahatchee Club, Old Palm Golf Club, and the BallenIsles Golf Club. The company was founded by Gary Purucker and Patrick Marrano, according to its website.
Since November, Balmuth has been chairman of Ross Stores, which operates the discount retail brand Ross Dress for Less. From 1996 to 2014, he was vice chairman and CEO of the company.
The luxury home market in Palm Beach has been on fire, with $5 million-plus sales recorded almost daily. Since the pandemic began, two Palm Beach estates have sold for $70 million and up, including the Kennedy family’s former compound at 1095 North Ocean Boulevard.
Other high-profile buyers who have purchased homes in Palm Beach in recent months include Related Urban CEO Kenneth Himmel and his wife Janet, who bought a house at 251 Jungle Road for $10.7 million. And Paul Levy, the founder of New York private equity firm JLL Partners, and his wife Karen bought two vacant lots at 233 and 225 Tangier Avenue for $10.8 million.