Houston Texans’ billionaire owner sells Palm Beach co-op for $5M
Seller bought the unit for $3.5M in 2008
Janice McNair, billionaire owner of the Houston Texans, sold her waterfront Palm Beach co-op for $5.3 million.
Records show McNair, as trustee of The RCM/JSM Trust, sold the unit at 425 Worth Avenue to Mary Kniffin Snyder.
McNair is co-founder and senior chair of the Houston Texans, according to the National Football League team’s website. She is the widow of Robert McNair, who made his fortune by selling Cogen Technologies to Enron for $1.5 billion in 1999.
Janice McNair inherited his 80 percent stake in the team in 2018, following his death. Her net worth is $4.1 billion, according to Forbes.
Robert McNair, as trustee of the same trust, purchased the 2,762-square-foot unit for $3.5 million in 2008, records show. It has three bedrooms and three bathrooms.
The unit was listed in March 2019 for $5.6 million. The most recent asking price was $5.3 million in March of this year. Linda Olsson of Linda R. Olsson Inc. represented the seller, and Grace Brown of Brown Harris Stevens represented the buyer.
The Palm Beach building, called Villas, was built in 1971.
Palm Beach has been a popular destination for major real estate deals. Just this month, a Palm Beach estate sold for $95 million, billionaire James Dinan bought a spec mansion for $49 million, and developer Todd Michael Glaser spent $23.8 million on a lakefront home.