An auto dealership magnate dropped $7.5 million on a gut-renovated oceanfront Palm Beach condo.
Property records show Terry R. Taylor, using an entity he leads, bought unit S-502 at 2770 South Ocean Boulevard. The seller is O’Keefe Limited Partnership, a Canadian entity with a Toronto address.
Taylor leads West Palm Beach-based Automotive Management Services, which shares the same address as the entity he used to buy the condo. Taylor is the largest private owner of auto dealerships in the country, with more than 120 dealerships throughout the South and Midwest, according to Automotive News.
The condo was listed in March for $7.5 million. Scott Gordon with Douglas Elliman had the listing. Christian Angle with Christian Angle Real Estate represented the buyer. Angle could not be reached for comment.
Gordon said the sellers, two brothers from Toronto, gut-renovated the condo in 2015 after they bought it for $2.8 million. He said they worked with interior designer Allison Paladino.
Gordon said the buyer paid $7.2 million for the unit and $300,000 for the furniture. He declined to name the buyer. The total sale price breaks down to $1,782 per square foot.
Built in 1990, the 4,040-square-foot condo comes with three bedrooms, three bathrooms and one-half bathroom, according to Realtor.com.
In 2017, Taylor paid $25 million for a penthouse at Porsche Design Tower at 18555 Collins Avenue in Sunny Isles Beach. Records show he still owns the property. In 2016, he paid $5 million for unit 3203 at the same tower, with plans to flip it for $7.3 million, but records show it sold for $4.9 million.
Other recent Palm Beach sales include billionaire Steve Wynn flipping a waterfront home in April for $32 million within a year of buying the property for $24 million. Also in April, the Frisbies sold a spec townhouse on the former site of Charley’s Crab restaurant for $27.8 million.