Telecom tycoon sells Billionaires Row teardown in Palm Beach for $28M

Seller had tried to replace circa-1949 home with a contemporary mansion, but was denied by the Palm Beach Architectural Commission

Miami /
Oct.October 08, 2020 01:30 PM
Donald Burns and 1021 North Ocean Boulevard (Twitter, Realtor)

Donald Burns and 1021 North Ocean Boulevard (Twitter, Realtor)

Former MagicJack Chairman Donald Burns sold his longtime Palm Beach estate for $28 million.

Burns sold the six-bedroom, 8.5-bathroom mansion at 1021 North Ocean Boulevard to 21 Palms LLC, a Delaware entity. The buyer financed the deal with an $18.3 million loan from UBS Bank, records show. Attorney Robert Sorgini signed the loan on behalf of the buyer.

Burns, who leads his own philanthropic foundation, chaired MagicJack’s board from 2010 to 2017. He’s also the former president and CEO of Telco Communications Group, and led Telco through its IPO before selling the company to Excel Communications for $1 billion in 1997, according to his LinkedIn.

He bought the 10,214-square-foot Palm Beach home in 1998 for nearly $4 million through a trust, records show.

The Bermuda-style estate was built in 1949. The property includes 100 feet of ocean frontage.

Burns sought approval in 2016 from the Palm Beach Architectural Commission to replace the mansion with a modern-style home, but was denied, according to the Palm Beach Daily News. He filed a lawsuit that is now in federal appeals court in Atlanta.

The property hit the market in June with Jim McCann of Premier Estate Properties for $34 million, but was later removed from the Multiple Listing Service.

Next door, the then-teardown at 980 North Ocean Boulevard sold for $28.7 million last year, also to a Delaware LLC. That property has since been knocked down.

The pandemic has fueled a stream of high-end home sales over the past six months. In September, new signed contracts for single-family homes in Palm Beach County grew nearly 62 percent, year-over-year, to 489 contracts.

Last month, billionaire businessman Jude Reyes sold his waterfront mansion in North Palm Beach for $19.2 million.

In July, pulmonologist Dr. Norman Traverse sold his ocean-to-lake mansion at 1744 South Ocean Boulevard in Palm Beach to a Delaware LLC for more than $51 million.






    Related Articles

    arrow_forward_ios
    Frank A. Baker II and 680 South Ocean Boulevard, Palm Beach (Google Maps)
    Siris Capital co-founder buys Palm Beach mansion for $32M
    Siris Capital co-founder buys Palm Beach mansion for $32M
    Jim Clark and 120 Jungle Road in Palm Beach (Getty, Douglas Elliman)
    Netscape billionaire Jim Clark sells Palm Beach estate for $30M
    Netscape billionaire Jim Clark sells Palm Beach estate for $30M
    Clockwise from top left: 375 South County Road, 225 Worth Avenue, 220 Peruvian Avenue and 219 Worth Avenue (Google Maps) 
    Burton Handelsman sells Palm Beach retail, offices for $58M
    Burton Handelsman sells Palm Beach retail, offices for $58M
    341 Peruvian Avenue, Palm Beach (Google Maps)
    A trust spent $18M on a Palm Beach home
    A trust spent $18M on a Palm Beach home
    Steve Wynn and 1040 North Lake Way (Getty, Google Maps)
    He did it again: Casino magnate Steve Wynn drops $24M on lakefront Palm Beach home
    He did it again: Casino magnate Steve Wynn drops $24M on lakefront Palm Beach home
    Red Carnation Founder Beatrice Tollman. (Compass, Red Carnation)
    Hotelier Beatrice Tollman sells Palm Beach estate for $57M
    Hotelier Beatrice Tollman sells Palm Beach estate for $57M
    Steve Wynn and 235 Via Vizcaya (Photos via Getty, Realtor)
    Steve Wynn flips waterfront home in Palm Beach for $24M
    Steve Wynn flips waterfront home in Palm Beach for $24M
    Todd Glaser (Compass)
    Todd Glaser flips Palm Beach home under construction for $28M
    Todd Glaser flips Palm Beach home under construction for $28M
    arrow_forward_ios

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

    Loading...