A local father-son real estate development duo bought a flipped waterfront mansion in Palm Beach Gardens for $11 million, almost double its sale price a year ago.
Property records show Robert and Myron “Mosie” Miller’s buying entity, RLMM Real Estate LLC, bought the estate at 14958 Palmwood Road from Rizhin Holdings LLC, managed by Aaron Levine and Joshua Gross.
Jennifer Hyland of the Peters + Hyland Group at Corcoran’s Palm Beach office represented the sellers, and Vince Marotta of Illustrated Properties represented the buyers.
Levine and Gross bought the house, built in 2005, for $5.9 million in July of last year, records show. It has 106 feet of water frontage according to Realtor.com.
Levine is a health care executive with West Palm Beach-based Telstone IOP, an addiction treatment facility. Gross is the son of Gary Gross, a convicted fraudster who was caught in the FBI’s undercover Operation Jail House for allegedly swindling elderly people out of millions of dollars, the Florida Bulldog reported. He was sentenced in 2012 to 27 months in prison, five years of supervised release, and was ordered to pay more than $215,000 in restitution on a charge of conspiracy to commit bank fraud, according to the FBI. Hyland said Joshua Gross was a minor partner in the Palm Beach Gardens property investment.
Hyland said the sellers rented out the 9,306-square-foot, eight-bedroom, nine-bathroom, seven-half-bathroom mansion during the year they owned it, and spent about $500,000 on minor renovations.
Property records show the lot as 0.9 acres, but Hyland said a newer survey found the lot comes to a total of 1.4 acres, a rarity in the area.
“To find that on the water up here you’d think would be easy, but it’s not,” Hyland said.
Marotta said the Millers recognized the value of the area and the significance of a lot and home of that size on the Intracoastal Waterway, and they’re already aiming to make a profit.
“We’re going to immediately put it on the market for $13.9 million,” Marotta said, noting that plans for a major renovation are already in the works. The Millers will either sell the house untouched with the plans at that price, or fully renovated for north of $20 million, Marotta said.
Robert Miller, the father in the duo, is a long-time investor in the area and owner of the Jupiter Pointe Club & Marina. Myron Miller regularly partners with his father on real estate projects, in addition to his role as CEO of Expedited Travel, a West Palm Beach-based company that specializes in speedy travel document acquisitions.
Myron Miller and his wife Michelle Miller listed their estate at 149 East Inlet Drive in Palm Beach for $78.5 million last year, the Palm Beach Daily News reported. The property includes 250 feet of inlet frontage and 114 of ocean frontage. Realtor.com shows Miller raised the price to $79 million before taking it off the market in June. Marotta said Miller is still open to selling, for the right price.
“He’s the kind of guy who’s happy to sell if someone hits his number,” Marotta said, “He’s not an anxious seller.”
Records show the Millers bought the Inlet Drive property for $14.6 million in 2017 and completed the redevelopment in 2020. They sold their previous home at 134 El Vedado Road, in Palm Beach in 2020 for $13.6 million.
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Palm Beach Gardens home prices jumped during the pandemic, as wealthy buyers were priced out of Palm Beach.
“The prices have just gone insane,” Hyland said of Palm Beach. “Now people are discovering Palm Beach Gardens as the suburbs of Palm Beach.”
A home in the Old Palm Golf Club community flipped for a record $22.5 million last month, doubling in price in a year. And the former home of golf pro Lee Westwood sold for $12.2 million in March.