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.