TF Cornerstone affiliate pays $12M for Palm Beach mansion

Krehbiel family paid $3.8M for the house in 1991

135 El Vedado Road (Compass)
135 El Vedado Road (Compass)

A member of the Krehbiel family, which founded manufacturing giant Molex, sold a Palm Beach mansion for $12.2 million.

Frederick A. Krehbiel, of Hinsdale, Illinois sold the home at 135 El Vedado Road to a company that shares an address with New York-based real estate firm TF Cornerstone, records show.

Krehbiel paid $7.2 million for the house in 1991, according to records. It was built in 1928.

The two-story, 11,300-square-foot mansion in Palm Beach’s Estates Section features five bedrooms, eight bathrooms, and one half-bath. The property includes a two-bedroom, two-bathroom guest apartment over a three-and-a-half car garage, according to the listing.

The home hit the market in February for $16 million. Stephen Hall of Compass Florida had the listing, according to Redfin. Gary Pohrer of Douglas Elliman represented the buyer. It sold for 24 percent off its asking price.

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Founded in 1938, Molex sells products and services used in data communications, medical, automotive, consumer electronics and other industries. In 2013, the Krehbiel family sold Molex to Koch Industries for $7.2 billion.

In 2015, Forbes featured the Krehbiels on its list of “America’s richest families” with a net worth of $1.8 billion.

Despite the global pandemic, Palm Beach mansions continue to sell. An ocean-to-lake mansion in Palm Beach traded for $51.4 million in July, and a scion of the Kenan family, which has prominent ties to Florida real estate and North Carolina academics and culture, sold her mansion in Palm Beach for $7.5 million last week.

In Palm Beach County, higher-end homes have flooded the market, with 220 homes listed at $1 million-plus making up 22 percent of new single-family home listings last month, according to a report by Douglas Elliman.

Other recent purchases by TF Cornerstone include a Brooklyn apartment building for $137.8 million. The company also has plans for a 2-million-square-foot, mixed-use building in a $3 billion redevelopment of Grand Central’s Grand Hyatt hotel in New York.