One of America’s biggest names in fashion just dropped a pretty penny on a Palm Beach estate.
Designer Tom Ford was revealed as the buyer in the record-setting flip of a non-waterfront compound, the Wall Street Journal reported. Ford bought the mansion at 241 Jungle Road from tech private equity chief Rob Heyvaert for $51 million in an off-market deal that closed last month.
Ford’s purchase comes on the heels of the $2.8 billion sale of his eponymous brand to Estée Lauder, the namesake cosmetics giant founded by late Palm Beacher Estée Lauder.
The purchase price of the estate set a record for dry properties on the island, where prices north of the $50 million mark historically have only been the domain of waterfront properties.
The sale was a flip for Heyvaert, who paid $35.8 million for the property in 2021. He is the founder and managing partner of Motive Partners, a New York-based private equity fund with a focus on tech investments.
Ford bought the property through a trust managed by a Sacramento-based lawyer and the Los Angeles-based celebrity business management firm Gelfand, Rennert, & Feldman.
Built in 2016 on a nearly 1-acre property, the main mansion spans 10,200 square feet with three bedrooms, records show. The property also includes a two-bedroom guest house, with a total of five bathrooms and four half-bathrooms between both houses. The estate also includes a pool. The Palm Beach Preservation Society honored the estate with an award for excellence in design in 2019.
Despite an overall cooling in the South Florida residential market, non-waterfront luxury homes in Palm Beach have maintained strong pricing in recent sales.
The luxury builder Courchene sold a non-waterfront spec mansion for $32 million last month. A wealth management CEO sold his non-waterfront estate for $21.3 million in November.