TF Cornerstone’s Tom Elghanayan sells Palm Beach home for $9M

Two members of the billionaire New York real estate Elghanayan family sold their home in Palm Beach.

Tom Elghanayan and his wife Madeline Hult Elghanayan sold the home at 235 Dunbar Road for $8.95 million, less than two years after purchasing the home for $8.1 million, according to Realtor.com. The buyer is not yet known, and the deal hasn’t been recorded.

Gary Pohrer of Douglas Elliman represented the buyer and seller.

In late 2018, Tom, the chairman of TF Cornerstone, purchased a nearly 98 percent interest in the 6,880-square-foot home, with Madeline controlling a minority portion. The property, which was built in 1936, includes a guest home and pool.

The Elghanayan family was worth more than $2 billion in 2015, according to Forbes. The family owns Rockrose and TF Cornerstone, both based in New York. Brothers Tom, whose full name is K. Thomas Elghanayan, and Fred Elghanayan spun off from Rockrose and created TF Cornerstone in 2009.

The Palm Beach sale comes just after a company tied to TF Cornerstone paid $12.2 million for the home at 135 El Vedado Road in Palm Beach.

TF Cornerstone was the developer of a portion of Amazon’s planned second headquarters in Long Island City, which was later canceled by Amazon.

Madeline Hult Elghanayan is a real estate broker with Douglas Elliman.

The luxury home sales market in Palm Beach has been extremely active in recent months.

Write to Katherine Kallergis at kk@therealdeal.com