TF Cornerstone affiliate pays $12M for Palm Beach mansion
Krehbiel family paid $3.8M for the house in 1991
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.
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.