Carl Panattoni sells oceanfront Palm Beach property for $34M to Stock Development

Panatonni paid $29M a year ago for the oceanfront home that has since been demolished

Miami /
Feb.February 23, 2021 03:30 PM
Carl Panattoni and 965 North Ocean Boulevard (Photos via Panattoni Europe, Google Maps)

Carl Panattoni and 965 North Ocean Boulevard (Photos via Panattoni Europe, Google Maps)

Developer Carl Panattoni sold his Palm Beach property for $34.2 million, nearly $6 million more than his purchase price a year ago.

Panattoni and Mary Jane Panattoni sold the 1.2-acre property at 965 North Ocean Boulevard to an LLC led by Brian K. Stock, CEO of Stock Development, records show.

The buyer financed the purchase with a $17.1 million mortgage from CIBC Bank USA.

Panattoni is chairman and founder of San Francisco-based Panattoni Development Company, a commercial real estate firm that focuses on office and industrial.

Naples-based Stock Development builds multifamily, residential and commercial projects throughout Florida.

Lawrence Moens of Lawrence A. Moens Associates brokered the deal, according to sources. He did not respond to a request for comment.

When Panattoni bought the Palm Beach property for $28.6 million in February 2020, it included a five-bedroom, 7,705-square-foot home that was built in 1978. It has since been demolished.

Palm Beach has recorded the largest residential sales in South Florida throughout the pandemic. Recently, hedge fund billionaire David Tepper closed on his purchase of an oceanfront mansion at 905 North Ocean Boulevard for $68.4 million.

Earlier this month, private equity titan Scott Shleifer paid more than $120 million for the oceanfront mansion at 535 North County Road in Palm Beach, setting a record for residential sales in Florida and marking one of the most expensive home sales in the U.S.





    Related Articles

    arrow_forward_ios
    Fischer & Co's Cliff Fischer with 100 Royal Palm Way PH-1
    Cliff Fischer buys oceanfront Palm Beach penthouse for $15M
    Cliff Fischer buys oceanfront Palm Beach penthouse for $15M
    Jane Holzer with 980 S Ocean Boulevard (Getty)
    Warhol star Baby Jane Holzer’s planned Palm Beach mansion advances
    Warhol star Baby Jane Holzer’s planned Palm Beach mansion advances
    From left: Susan Patterson, Wayne Bergman, and Mayor Danielle Moore with 710 South Ocean Boulevard (
    Palm Beach to fight Florida’s single-family demolition law
    Palm Beach to fight Florida’s single-family demolition law
    Charles Dana and George Wieger with 170 Seagate Road (College of Charleston, Getty Images, Google Maps)
    Colorado private equity boss buys Palm Beach home from Dana heir
    Colorado private equity boss buys Palm Beach home from Dana heir
    Ken Griffin (Illustration by The Real Deal with Getty)
    Inside Griffin’s billion-dollar South Florida property play
    Inside Griffin’s billion-dollar South Florida property play
    (Illustration by The Real Deal with Getty)
    Mansions on hold: Deals delayed because Palm Beach private schools at capacity
    Mansions on hold: Deals delayed because Palm Beach private schools at capacity
    152 Dolphin Road in Palm Beach (Google Maps, Getty)
    Chicago real estate CEO sells Palm Beach home for $14M
    Chicago real estate CEO sells Palm Beach home for $14M
    Bruce Percelay with 261 Nightingale Trail (LinkedIn, Google Maps, Getty Images)
    Goldman Sachs rainmaker drops $16M on Palm Beach spec house
    Goldman Sachs rainmaker drops $16M on Palm Beach spec house
    arrow_forward_ios

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

    Loading...