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Late homebuilders’ oceanfront North Palm Beach mansion sells for $25M
Lost Tree Village estate spans 103 feet of ocean frontage
The family of late developers Mary and William Ryan sold their oceanfront estate in North Palm Beach’s Lost Tree Village for $25 million, a steep discount off its $37.5 million initial asking price in August.
Records show the late couple’s daughters, Mary Ryan Buddig and Therese Ryan Rooney, sold the mansion at 11542 Turtle Beach Road to the Meritage Irrevocable Trust, with lawyer John T. Carey signing as trustee. The true buyer is unknown.
Paul Kaneb of K2 Realty and Bill Ryan of Compass had the listing, and James Kenny of K2 Realty brought the buyer.
Mary and William Ryan co-founded Lombard, Illinois-based Town & Country Homes in 1958, and grew the company to become one of the largest homebuilders in the United States. The Ryans and their children led the company until they sold it to Red Bank, New Jersey-based Hovnanian Enterprises in 2005 for an undisclosed amount. Builder Magazine ranked Town & Country as the 52nd largest builder in the country in 2004, according to Blackstone. Hovnanian estimated Town & Country would generate $640 million in revenue the year of the acquisition, according to the press release.
At the time of the acquisition, Hovnanian partnered with Blackstone Real Estate Advisors in a joint venture to own and develop Town & Country’s existing residential communities, according to Blackstone’s website.
Mary and William Ryan were frequent philanthropists. They donated to their namesake William G. and Mary A. Ryan Center for Heart and Vascular Medicine at Loyola University Medical Center and the Mary A. Ryan Endowed Scholarship Fund at St. Mary’s College. William Ryan died in January of last year, and Mary Ryan died last May.
The couple bought their 1-acre oceanfront estate in 1994 for $2.7 million, records show. They completed the 12,700-square-foot mansion in 1997, according to property records. It has 10 bedrooms, 10 bathrooms and four half-bathrooms, the listing shows. The property also includes a two-bedroom, two-bathroom guesthouse, a pool, 103 feet of oceanfront and private beach access, according to the listing.
The Ryan family first listed the property for $37.5 million in August, and dropped the price to $32 million in March, Redfin shows.
The estate is in North Palm Beach’s Lost Tree Village, a gated golf community that has attracted big-name buyers over the years, including Visa chairman and CEO Alfred Kelly, Jr.
Other recent sales in North Palm Beach’s luxury market include a financier’s November purchase of a waterfront mansion for $10.9 million. The estate of a late food industry titan sold his oceanfront mansion for $22 million in March of last year.
Oracle co-founder and billionaire Larry Ellison listed a North Palm Beach estate for $145 million in August, just a few months after he dropped $173 million on a 16-acre Manalapan estate.