PE founder pays $15M for waterfront Palm Beach home
Sale includes renovation plans for 5,500-square-foot house
British private equity founder Sir Peter Lampl bought a waterfront Palm Beach home on Billionaire’s Row for $15 million.
Records show Parc Monceau Limited bought the house at 124 Parc Monceau from Paul and LeighAnn Gravette. Parc Monceau Limited is the buying entity for Lampl, a source told The Real Deal.
Samantha Curry and Daniel Ekerold of Douglas Elliman had the listing, and John Pickett with Brown Harris Stevens brought the buyer. The agents declined to comment on the deal.
Lampl founded private equity firm Sutton Company, which once had offices in London, New York, and Munich. In 1997, he established the Sutton Trust, which funds efforts to improve social mobility, according to his website. He was awarded knighthood in 2003.
Paul Gravette is CEO and founder of Le-Vel Brands, a health and wellness company based in Frisco, Texas. His website shows that he and his wife, LeighAnn, live in Nashville, Tennessee.
The Gravettes bought the 0.25-acre waterfront property for $10.2 million in 2021, records show. It includes a nearly 5,500-square-foot house with six bedrooms and nine bathrooms, according to the listing. The property has a gym, pool, and boat dock on the Intracoastal Waterway. The listing also shows the Gravettes had plans to renovate the house.
The southernmost section of Palm Beach, from Worth Avenue to Sloan’s Curve, is known as Billionaire’s Row. In April, a trust bought a spec mansion on Billionaire’s Row for $48.5 million.
Sales have slowed in Palm Beach in recent months, but price growth that the market experienced during the pandemic appears to be sticking.
Earlier this month, a hedge funder bought a townhouse from a billionaire developer for $12 million. A financier flipped a townhouse for $26.7 million in January. That same month, on the north end of the island, a real estate investor and his wife sold their home facing the ocean for $34.9 million.