Oceanfront Palm Beach estate flips for $86M in nine months

Seller is linked to NY accounting firm DDK & Co.

901 North Ocean Boulevard (Zillow) Flips, 22 Million
901 North Ocean Boulevard (Zillow)

UPDATED, June 15, 11:35 a.m.: An oceanfront estate in Palm Beach traded for $86 million, about nine months after it sold for $64 million.

Beechgreen LLC sold the mansion at 901 North Ocean Boulevard to a trust managed by attorney Paul Krasker, according to property records. Beechgreen, a Delaware LLC, has been linked to Jeffrey Feinman, a partner at New York-based accounting firm DDK & Co.

Antoinette Parker signed the deed on behalf of the seller. Krasker, a West Palm Beach-based lawyer, has represented hidden buyers of a number of estates in Palm Beach.

Lawrence Moens of Lawrence A. Moens Associates represented the seller. Dana Koch and Paulette Koch of the Corcoran Group represented the buyer.

The 18,000-square-foot, five-bedroom mansion was completed last year by real estate investor and spec home developer Clark Beaty. Beaty listed the property for $84 million last year, but lowered the price before selling it to Beechgreen LLC in August.

The 1.1-acre estate features a pool, wine cellar, gym, media room and guest house. It’s next door to hedge fund billionaire David Tepper’s oceanfront estate. It has about 15,300 square feet of living space.

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In March of last year, the seller, Beechgreen LLC, also sold the waterfront property at 10 West San Marino Drive in Miami Beach for $23.5 million.

Sale prices have soared in Palm Beach, one of the first areas to experience a boom in the luxury residential market during the pandemic. Though year-over-year sales have started to decline due to limited inventory and record pricing, buyers are still flipping their properties for double-digit profits.

Last year, Tepper paid $68.4 million for the adjacent oceanfront mansion at 905 North Ocean Boulevard.

Cadre Holdings CEO Warren Kanders and his wife, Allison, recently sold their waterfront Palm Beach estate for $39.9 million, a 57 percent increase in price in one year. A trust also managed by Krasker bought the property.

Last month, developer Todd Michael Glaser and his partners sold a non-waterfront Palm Beach home for $15.5 million, more than double the price they paid for the property last year. The buyer’s LLC is managed by Sandra Edgerley, a philanthropist who is married to Paul Edgerley, a senior adviser at Bain Capital Private Equity.