Punch time clock heir sells oceanfront Palm Beach estate for $95M

It’s the second most expensive sale in Palm Beach this year

Miami /
May.May 20, 2021 04:30 PM
1341 South Ocean Boulevard, Palm Beach (Lawrence Moens)

1341 South Ocean Boulevard, Palm Beach (Lawrence Moens)

Edward G. Watkins sold his oceanfront Palm Beach estate for $95 million, marking the second most expensive sale this year in the ritzy town.

Records show The Goodrich Florida Realty Trust II sold the mansion at 1341 South Ocean Boulevard to The 1341 South Ocean Boulevard Trust. The buying entity borrowed $60 million from Deutsche Bank Private Wealth Mortgage to finance the purchase.

Watkins was the true owner, and had the mansion homesteaded, according to the Palm Beach County property appraiser.

Watkins, who is known as Chris, is the grandson of E.G. Watkins, the creator of the punch time clock. E.G. Watkins founded Simplex Time Recorded in 1894, and Chris Watkins began leading the company in 1967, according to Forbes. He expanded the company to include security systems, later selling Simplex to Tyco for $1.2 billion in 2001.

The Goodrich Florida Realty Trust II purchased the property for $17.7 million in 2001, records show. That same year, the trust filed to demolish the former house on the 0.7-acre site and construct the existing one. It was finished in 2003.

The nearly 14,000-square-foot, seven-bedroom mansion was listed in July of last year with an asking price of $110 million. Lawrence Moens of Lawrence A. Moens Associates had the listing.

Earlier this year, a private equity partner spent more than $120 million on an oceanfront estate in Palm Beach, which still stands as the most expensive sale on the island this year.

Waterfront estates in Palm Beach have sold for sky-high prices throughout the pandemic. In March, a hotelier sold her waterfront Palm Beach mansion for $57 million, and the Ziff family sold their compound in Manalapan for $94 million.

Also this year in Palm Beach, hedge fund billionaire David Tepper paid $68.4 million for an oceanfront mansion, and Steve Wynn dropped $49 million for a lakefront estate.

Sylvester Stallone and Tommy Hilfiger also recently bought homes in Palm Beach for $35.4 million and $9 million, respectively.






    Related Articles

    arrow_forward_ios
    Fued Sadala with the Bay Harbor Islands home (Photos via Dreampact Ventures and Douglas Elliman)
    Venture capitalist pays record price for waterfront Bay Harbor Islands home
    Venture capitalist pays record price for waterfront Bay Harbor Islands home
    South Florida’s industrial real estate market experienced strong leasing activity, low vacancy rates and asking rent hikes (Getty)
    South Florida industrial sector keeps beating pandemic odds, Q2 report shows
    South Florida industrial sector keeps beating pandemic odds, Q2 report shows
    The $24.5 million Boca Raton mansion (Coldwell Banker via Compass)
    AutoLenders CEO buys waterfront Boca Raton estate for record $25M
    AutoLenders CEO buys waterfront Boca Raton estate for record $25M
    Alec Scheiner, former Cleveland Browns president, with 249 Sandpiper Drive in Palm Beach (RedBird Capital, Sotheby's International Realty)
    Ex-Cleveland Browns president scores Palm Beach home
    Ex-Cleveland Browns president scores Palm Beach home
    (Pacheco-Martinez & Associates)
    $65M sale of waterfront Coconut Grove spec mansion sets new record in Miami-Dade: sources
    $65M sale of waterfront Coconut Grove spec mansion sets new record in Miami-Dade: sources
    DataDirect Networks President Paul Bloch, Oceanfirst Realty principal Eddy Chabli and renderings of the house Bloch plans to build (DDN, Kobi Karp Architecture)
    Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
    Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
    Grupo Marquise’s Jose Carlos Pontes with the property (Compass, Facebook via Grupo Marquise)
    Grupo Marquise co-founder sells waterfront Miami Beach mansion for $27M
    Grupo Marquise co-founder sells waterfront Miami Beach mansion for $27M
    Publix at Westlake Plaza will be on the west side of Seminole-Pratt Whitney Road between Town Center Parkway and Persimmon Boulevard (Google Maps)
    Publix pays $9M for Westlake site in Palm Beach County
    Publix pays $9M for Westlake site in Palm Beach County
    arrow_forward_ios

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

    Loading...