Tech titan buys waterfront North Palm Beach home for $9M

The house last sold for $995K in 1988

Miami /
Sep.September 04, 2020 03:30 PM
1328 Lake Worth Lane & Jeong H. Kim (Credit: Google Maps)

1328 Lake Worth Lane & Jeong H. Kim (Credit: Google Maps)

A technology titan purchased a waterfront home in North Palm Beach for $8.5 million.

Jeong H. Kim, a Korean-born businessman and entrepreneur, and his wife, Cynthia, bought the house at 1328 Lake Worth Lane, according to records.

The seller is Donald B. Stott, who paid $995,000 for the home in 1988.

The one-story house, built in 1967, has four bedrooms and three-and-a-half bathrooms. It sits on a little over half an acre of land, according to the listing.

Kim started Yurie Systems, a maker of communications equipment, in 1992, and eventually sold the company to Lucent Technologies for $1.1 billion. He served as president of Bell Labs, a division of Lucent Technologies, from 2005 to 2013, before he left to start Kiswe Mobile, as chairman and co-founder. The company partners with sports leagues, entertainment brands, and broadcasters to expand the reach and engage mobile-first viewers, according to its website.

Kim is also a minority owner of Monumental Sports & Entertainment, which owns four professional teams in Washington, D.C.

The North Palm Beach market has been extremely active during the pandemic.

In August, a former ambassador to Austria under President George W. Bush bought a North Palm Beach house for $6 million, the CEO of cable giant Comcast pulled the plug on his condo for $5.5 million, and a financial executive bought a home in North Palm Beach for $5 million.


Related Articles

arrow_forward_ios
Todd Glaser with aerial view of 870 South Ocean Boulevard in Palm Beach. (Google Maps, Mary Beth Koeth)

Todd Glaser, partners close on Palm Beach home across from ocean for $13M

Todd Glaser, partners close on Palm Beach home across from ocean for $13M
320 Island Road, Palm Beach (Google Maps)

Payday lender CEO buys Palm Beach house for $26M

Payday lender CEO buys Palm Beach house for $26M
W. Allan Jones & 326 Via Linda, Palm Beach (Wikimedia Commons, Google Maps)

Cash king sells waterfront Palm Beach home for $27M

Cash king sells waterfront Palm Beach home for $27M
535 North County Road (Palm Beach Property Appraiser)

Oceanfront Palm Beach spec mansion hits the market, asking record $140M

Oceanfront Palm Beach spec mansion hits the market, asking record $140M
Judith Ripka Berk and Ronald Berk with 273 Tangier Avenue, Palm Beach (Getty, Google Maps, iStock)

Must be a gem: Luxury jewelry designer Judith Ripka sells Palm Beach home for $13M

Must be a gem: Luxury jewelry designer Judith Ripka sells Palm Beach home for $13M
President Donald Trump with Melania Trump and Mar-a-Lago (Getty)

Florida representative wants Mar-a-Lago shut down following maskless NYE party

Florida representative wants Mar-a-Lago shut down following maskless NYE party
Eduard de Guardiola with 235 Via Vizcaya (Vista Realty, Premier Estate Properties/Realtor)

Atlanta real estate investor sells waterfront Palm Beach house for $18M

Atlanta real estate investor sells waterfront Palm Beach house for $18M
From left: 300 North Lake Way, 1095 North Ocean Boulevard and 8 South Lake Trail (Google Maps)

South Florida’s biggest residential sales of 2020

South Florida’s biggest residential sales of 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...