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Related’s Bruce Beal sells Palm Beach house for $18M
Bruce Beal bought another home on the same block for $19.1M in 2020
569 Island Drive in Palm Beach with Related Co’s Bruce A. Beal Sr. and Mark Biondi (Google Maps, Getty, LinkedIn)
Related Companies executive Bruce Beal sold his waterfront Palm Beach home on Everglades Island for $18 million in an off-market deal.
Records show Beal, along with Francis V. Cunningham and Mark P. Biondi, sold the house at 569 Island Drive to Island Home Property LLC, a Delaware entity. The true buyer is unknown.
Biondi is a senior vice president at Boston-based Related Beal, and oversees all strategy and financial planning for the Beal family, the company’s website shows.
Beal is chairman of Related Beal, a division of Stephen Ross’ Related Companies. Related Beal started as Beal Companies in 1878, and was a private real estate firm led by the Beal family until Related and Beal formalized their partnership in 2013. Bruce Beal led Related Beal alongside his brother, Robert Bruce, who was president of the company until his death in 2020. The Boston Globe memorialized him as “Mr. Boston” in his obituary.
Bruce Beal has also been a trustee of the Palm Beach Cultural Council, the Norton Museum of Art in West Palm Beach, and numerous Boston institutions, including the Boston Symphony Orchestra and the Harvard School of Public Health, according to Related Beal’s website. He also advised the president and fellows of Harvard College, Harvard’s most powerful governing board, on the acquisition of 250 acres to expand the university.
Beal bought the 0.4-acre Island Drive home for $9.4 million in 2013, just months before the Related-Beal merger was finalized, records show.
Built in 2009, the nearly 5,400-square-foot, four-bedroom, four-and-a-half-bathroom house includes a pool and staff apartment, according to a previous listing.
It was listed in January 2020 for $18.5 million, and taken off the market in November of that year, Redfin shows.
Beal and Cunningham also own the waterfront Everglades Island house at 630 Island Drive, records show. They bought the 6,900-square-foot house for $19.1 million in 2020, according to property records. Built in 2016, the nearly half-acre home includes four bedrooms, four bathrooms and two-half bathrooms, as well as a pool and a dock, records show.
Palm Beach has seen a number of high-profile sales in recent months.
Luxury car dealer Michael Cantanucci dropped $170 million on coffee mogul Bob Stiller’s oceanfront estate last month. Stiller and his wife, Christine Stiller, turned around and bought casino magnate Steve Wynn’s lakefront mansion for $66 million this month. And in March, cosmetics heir William Lauder bought the oceanfront compound of the late conservative radio star Rush Limbaugh for $155 million.