A company linked to the family office of William E. Ford sold a non-waterfront mansion in Palm Beach for $33 million, nearly three times the purchase price two years ago.
The deal is another indicator of the huge demand for high-end properties in Palm Beach.
Property records show North Fifth LLC, an affiliate of Ford’s New York-based North Fifth Services, sold the property at 110 Clarendon Avenue to a trust managed by attorney Louis L. Hamby III.
Ford, a billionaire, is chairman and CEO of the New York-based private equity firm General Atlantic, which has more than $86 billion in assets under management, according to its website.
The true buyer is unknown.
The 11,835-square-foot estate sits on a 0.7-acre lot. The main home was built in 1989. The property, including a guest house, has eight bedrooms, nine full bathrooms, three half-baths, and a pool.
It was on the market for $35 million with listing agent Sonja Stevens of Sotheby’s International Realty.
The seller, North Fifth, led by CEO Jamie Klein, paid $10.4 million for the property in February 2020. According to the listing, the Mediterranean-style home was extensively renovated and now includes a new two-story guest house, garage, gym and staff quarters.
Single-family home inventory in Palm Beach has hit record lows during the pandemic. At the end of the fourth quarter, active single-family home listings fell 37 percent, year over year, to 37 listings, amounting to nearly six months of supply, according to the Elliman reports. The median price of single-family homes increased 72 percent, year over year, to $8.5 million. Sales fell 68 percent due to limited inventory and high prices. A number of sales are also occurring off-market.
Recent notable Palm Beach sales include Stock Development’s $57 million sale of the oceanfront spec mansion at 916 South Ocean Boulevard to a hidden buyer also managed by Hamby.
In December, a New York private equity chief paid $35.6 million for the non-waterfront mansion at 134 El Vedado Road.
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