Chicago real estate chief flips Palm Beach home for $16M
U.K.-based buyer used a Cayman Islands entity to purchase the property
The head of a Chicago-area real estate firm flipped a renovated Palm Beach home for $15.5 million, $6.2 million more than his purchase price less than a year ago.
Property records show Daniel T. Van Voorhis, via a trust in his name, sold the house at 239 Emerald Lane. The United Kingdom-based buyer is Buck House Limited, a Cayman Islands company.
Van Voorhis is president and CEO of Oak Brook, Illinois-based Continental Communities, a real estate investment firm founded in 1997, according to its website. In January, he bought a waterfront home near North Palm Beach for $17.1 million.
The 6,131-square-foot Palm Beach house sits on over half an acre and has five bedrooms, seven full bathrooms and one half-bathroom, according to Realtor.com. It was built in 1950 and comes with a pool.
The house was listed in December for $16.9 million. Gary Pohrer with Douglas Elliman had the listing, and Stephen D. Hall with Compass Palm Beach represented the buyer.
Hall declined to identify the buyer, but said he is from the U.K. He said the sellers had renovated the property, adding a new kitchen, bathrooms, and flooring.
“They liked the near-town location and plan to renovate more,” Hall said of the buyer.
Records show the house last sold for $9.3 million in May, highlighting the ongoing surge in home prices amid the pandemic.
In the past few weeks, several high-priced deals have closed in Palm Beach. Late last month, a former ambassador to Brazil and the Netherlands bought an oceanfront townhouse for $7.5 million. Todd Glaser and his partners bought a waterfront Palm Beach mansion for $53 million with plans to expand it and relist it for $115 million. And a spec homebuilder bought an oceanfront Palm Beach lot for $39 million.