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Knockout deal: Sylvester Stallone spends $35M on Palm Beach estate
Sellers bought the house for $26.7M in 2018
Sylvester Stallone is the buyer of a Palm Beach estate.
The Oscar-nominated star and his wife, Jennifer Flavin, purchased the mansion at 1480 North Lake Way for $35.4 million, according to the Palm Beach Daily News.
Records show Stallone bought the home in the name of Southpaw Trust — a clever nod to one of his most memorable films, “Rocky.” The sellers are Cindy L. and Ronald G. McMackin, who own the engineering subcontracting firm Pan-Pacific Mechanical, which has offices in California and Hawaii. Cindy is the president of the company and Ronald is the chairman and CEO.
The Southpaw Trust, with Lester J. Knispel listed as trustee, took out a $15 million mortgage from CIBC Bank USA, records show.
The McMackins bought the 10,539-square-foot home from Lawrence Moens in 2018 for $26.7 million.
The property hit the market in June with an asking price of $37.8 million, according to Realtor.com. Moens represented the McMackins in the deal, and Christian Angle of Christian Angle Real Estate represented Stallone.
Built in 2014, the estate includes three separate structures: the main house, a guest house and a guest pavilion, according to the listing. Property records show the lot spans more than an acre.
In total, the property has seven bedrooms and 10 bathrooms. The house has views of the water and more than 250 feet of sandy beachfront.
Stallone adds to celebrities who have lived in the Palm Beach area. This month, Jimmy Buffett sold his Palm Beach home for $7 million, and Springsteen drummer Max Weinberg sold his home in Delray Beach for $5 million. In July, Bon Jovi bought an oceanfront Palm Beach estate for $43 million.