A Palm Beach Gardens mansion flipped for a record $22.5 million, more than double its purchase price from last summer.
Property records show Steven Frankel sold the home at 12203 Tillinghast Circle through a land trust to Alpina Partners, a Delaware LLC.
The seller and buyer are both New York-based hedge fund managers, according to Vince Marotta of Illustrated Properties, who represented the seller but declined to identify either the seller or buyer. Jeremy Browne of the Hughes Browne Group at Compass represented the buyer.
12203 Tillinghast Circle (Illustrated Properties)
The 9,655-square-foot, five-bedroom, six-bathroom home sits on 2 acres in the gated Old Palm Golf Club community, records show. Built on one of two double-lots in the golf community, the estate includes a tennis court and pool.
Frankel bought the property last June for $11 million, made no renovations on the house built in 2011, and more than doubled his money on the sale, records show.
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The $22.5 million price tag beat the previous sale record for Old Palm, $15 million for the sale of the mansion at 11607 Charisma Way in March, records show.
12203 Tillinghast Circle (Illustrated Properties)
Browne and Marotta each attributed the latest record price to market conditions in a historically undervalued area.
“It’s starting to catch up with the pressure of people coming here from other parts of the country,” Browne said. “There are a ton of people who want to be here, and not a lot of supply.”
“I said, ‘My seller doesn’t have to sell, he’ll only sell if he can get his number,’ and he did,” Marotta said, adding that other bidders competed for the property.
Pandemic demand for South Florida property has driven buyers into new territories. Palm Beach Gardens, a quieter community than its neighbors to the south, is home to the PGA National Resort. It has become an alternative to areas like Palm Beach, where high-end homes now regularly sell for more than $40 million.
Marotta said buyers are posing a new question to themselves: “Why am I going to pay $50 million to live in Palm Beach when I can drive 20 minutes and get 2 acres for $20 million?”
Recent Palm Beach Garden sales still don’t come close to topping $20 million. A mansion once belonging to golfer Lee Westwood sold for $12 million in March. Golf legend Jack Nicklaus’ son Steven and his wife Krista sold their waterfront Palm Beach Gardens home for $8 million last year, shortly after golf pro Charl Schwartzel sold a property there for $9 million.