American fashion designer Tom Ford set his sights on another Palm Beach estate, as part of a home swap valued at more than $100 million.
Ford set a record for non-waterfront home sales in Palm Beach when he paid $51 million in December for the mansion at 241 Jungle Road. Now, he’s upsizing by trading houses with Brian Kosoy, CEO of West Palm Beach-based Sterling Organization, the Palm Beach Daily News first reported.
The deal is expected to set a new record for non-waterfront homes in Palm Beach, but each house’s price is unclear. The trades are expected to total more than $100 million combined, according to sources. Neither deed has been recorded.
Ford sold his company to cosmetics giant Estée Lauder for $2.8 billion last year.
The nearly 1-acre property on Jungle Road that he is selling to the Kosoys includes a 10,200-square-foot mansion with three bedrooms, plus a two-bedroom guest house and a pool. It was completed in 2016.
Kosoy and his wife, Andrea, are selling their 17,424-square-foot, five-bedroom mansion at 195 Via Del Mar in Palm Beach. The couple paid $19.4 million in 2015 for the 1.6-acre estate, which includes a tennis court and pool. It was built in 1930.
Despite the slowdown in sales across South Florida, the uber luxury market in Palm Beach has continued setting records.
Coffee magnate Bob Stiller and his wife, Christine Stiller, recently sold their oceanfront estate at 589 North County Road to luxury car dealer Michael Cantanucci for about $170 million, marking a record for Palm Beach and a near-record for home sales in Florida. The Stillers then purchased the lakefront mansion at 1350 North Lake Way in Palm Beach for $66 million in May. Billionaire casino mogul Steve Wynn sold the home for 35 percent more than he paid about two years ago.
In March, billionaire William Lauder, executive chairman of Estee Lauder Companies, paid $155 million for Rush Limbaugh’s former Palm Beach compound at 1495 and 1501 North Ocean Boulevard. Lauder also listed his two adjacent, oceanfront vacant lots at 1063 and 1071 North Ocean Boulevard for $200 million.
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