Rick and Marie Wackenhut sold their historic Palm Beach home for $17.9 million.
Records show 1111 Partners LLC, led by Rick Wackenhut, an heir to the security firm founder George Wackenhut, sold the five-bedroom, 6,525-square-foot home at 930 South Ocean Boulevard to M&M Palm Beach Property Investors LLC.
The buyer, managed by attorney Ronald Kochman, financed the purchase with a $14 million loan from Iberiabank, according to records.
The property is a Palm Beach landmark that was designed by architect Maurice Fatio and restored by the sellers, according to the listing. It features a main house, guest house, private courtyard and pool. The two-story home was built in 1927 and is across the street from the beach.
Lawrence Moens of Lawrence A. Moens Associates had the listing.
The property previously sold in 2011 for $11.5 million, records show.
Rick Wackenhut was once CEO of the security services firm. George Wackenhut sold his company in 2002 for $570 million. He died in Vero Beach in 2004.
Rick’s sister, Janis Wackenhut, recently paid $15 million for a condo on exclusive Fisher Island in Miami Beach. https://therealdeal.com/miami/2020/08/07/wackenhut-scion-pays-15m-for-fisher-island-penthouse/
Luxury home sales in Palm Beach and Miami Beach have been on the rise throughout the pandemic.
Last month, private equity titan Scott Shleifer paid more than $120 million, a record, for an oceanfront mansion in Palm Beach.
Former President Donald Trump recently listed his beachfront mansion across the street from his Mar-a-Lago resort for $49 million. Moens is the listing broker.