Thomas Sidney “Tad” Smith, Jr., the former president and CEO of Sotheby’s, bought a newly built Palm Beach home for $7.7 million.
Records show Smith and his wife, Caroline Mitchell Fitzgibbons, bought the 6,108-square-foot house at 250 Indian Road from 1585 North Lake LLC, a Delaware LLC. Fitzgibbons is a Realtor with Olshan Group LLC.
The property was listed by Suzanne Trapani Frisbie of Premier Estate Properties. Elizabeth DeWoody with Compass Florida LLC brought the buyer. The home was listed in February at $9 million.
The house was recently built. It has five bedrooms, six-and-a-half bathrooms, an elevator, a library and a pool, according to the listing.
Before the house was built, the property sold in 2018 for $2.5 million.
Smith was president and CEO of Sotheby’s from 2015 to 2019, when the company was acquired by French-Israeli billionaire Patrick Drahi. Before Sotheby’s, Smith was president and CEO of New York’s Madison Square Garden.
Luxury homes in Palm Beach have been selling at a high volume during the pandemic. This month, a Palm Beach spec home sold for $7.2 million. Also, a venture capital firm founder bought a condo for $5.5 million, and a real estate and casino magnate bought a townhome for $7.4 million.