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Construction chief buys flipped Palm Beach spec mansion for $18M
Sellers bought the home for $17.5M in April
Thomas Iovino, the founder of a construction company, bought a spec mansion in Palm Beach for $18.4 million, two days before selling another home.
Records show Thomas and Judith Iovino bought the house at 259 Pendleton Avenue from 259 Pendleton PB LLC.
Thomas Iovino is the founder and CEO of New York-based construction company Iovino Enterprises. Previously, he was the CEO of OHL North America.
The selling entity is managed by Joseph Taylor and Hilary Budny. Taylor is president and CEO of Monroe Township, New Jersey-based Matrix Development, and Budny is vice president of the company, according to its website.
The two purchased the newly finished house in April for $17.5 million. It was developed by Todd Michael Glaser, Scott Robins and Jonathan Fryd, who had purchased the property in July 2020 for $6.3 million.
According to Zillow, Taylor and Budny listed the home for $23.9 million less than a week after buying it.
In the latest deal, Margit Brandt of Brown Harris Stevens of Palm Beach represented the sellers, and Christian Angle of Christian Angle Real Estate represented the buyers.
The 8,306-square-foot mansion has eight bedrooms and nine bathrooms and features an elevator, 37-foot lap pool and a two-car garage, according to the listing. The 0.4-acre property backs up to the Ocean Course at the Breakers and includes a detached two-bedroom, two-bathroom guest house with a kitchen and laundry.
Palm Beach County records show two days after buying the spec mansion, the Iovinos sold their 3,702-square-foot home at 180 Sunset Avenue for $9.8 million to The Sunset Avenue Trust, with attorney Maura Ziska as trustee.
Among other sales in Palm Beach this month, Glaser and his partners purchased Tarpon Island for $85 million with plans to renovate the existing estate on the island.