A Palm Beach condo sold for $17.7 million, or more than $4,700 per square foot, setting a record in the ultra wealthy town.
Shirley Fennell, via a trust, sold penthouse 4 and a cabana at 2 North Breakers Row to the Turner 2021 family trust, managed by Deborah A. Turner, property records show. Fennell was married to the late J. Richard Fennell, a pharmaceutical entrepreneur who died in 2015.
The sale marks a record on a total and per-square-foot basis for a Palm Beach condo. Single-family home sales have set records throughout South Florida over the past year, as limited inventory pushes pricing up, and now the same is beginning to occur with condos.
Christopher Deitz of Compass represented the seller of the Breakers condo, while Alison Newton of Douglas Elliman represented the buyer.
In 1987, Fennell paid $1.3 million for the three-bedroom, three-and-a-half bathroom unit, which spans 3,560 square feet. She also paid $55,900 for the 175-square-foot cabana. The five-story building was completed one year earlier.
Including the cabana, the most recent sale breaks down to $4,734 per square foot.
Deitz, who joined Compass in September from William Raveis, said the unit went into contract within 24 hours of hitting the market. Including commissions and other fees, the sale price was closer to $19 million.
The buyer plans to invest between $2.5 million and $3 million into renovating the penthouse. “Once that’s done, it’s probably a $30 million apartment,” Deitz said, adding that the views are “spectacular.”
In February, a Palm Beach deal set a record for all of Florida when the oceanfront mansion at 535 North County Road sold for $122.7 million. Private equity titan Scott Shleifer bought the estate from a company managed by luxury home builder Mark Pulte, who is the son of Pulte Homes founder William Pulte.