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Wheeling and dealing: Car dealer Michael Cantanucci sells Palm Beach home for $32M
Sale follows Cantanucci and his wife’s $170M record purchase in April
Luxury car dealer Michael Cantanucci sold a non-waterfront Palm Beach home for $32.4 million, three months after his record purchase of an oceanfront compound.
Records show KMC Property Holdings, a Delaware LLC, sold the house on Clarke Avenue to a trust named for the address and linked to advertising moguls Ashlee Wilson Clarke and Chris Clarke. The Clarkes financed the purchase with a $15.4 million mortgage from City National Bank of Florida, records show.
The selling entity, KMC Property Holdings, belongs to Kimberly and Michael Cantanucci, according to the Palm Beach Daily News.
Christian Angle of Christian Angle Real Estate represented both sides of the deal.
Chris Clarke founded digital advertising agency Nitro in the 1990s, which was acquired by New York-based Sapient (now SapientRazorfish) for $3.6 billion in 2009, Marketing Week reported. Ashlee Wilson Clarke is CEO and chief creative officer of West Palm Beach-based NitroC, a digital creative agency, according to the company’s website. She is also the majority shareholder and CEO of Empower, a Cincinnati-based creative agency that ranks as one of the largest women-owned creative media agencies in the country, the firm’s website shows.
Michael Cantanucci, owner of New Country Motor Car Group, set a Palm Beach price record in April when he and his wife dropped $170 million on an oceanfront estate. The deal was one of a string of high-profile trophy sales on the island, including cosmetics heir William Lauder’s $155 million purchase of the late Rush Limbaugh’s oceanfront compound in March.
The Cantanuccis bought the 0.4-acre Clarke Avenue property for $12.9 million in 2014, records show. Built in 2009, the 5,500-square-foot, four-bedroom home won Palm Beach’s Schuler Award for architectural excellence the year it was completed, according to records and the listing. The home includes five bathrooms, two half-bathrooms, and a pool, records show.
Michael and Kimberly Cantanucci first listed the Clarke Avenue home for $35 million in April, Realtor.com shows.
Many recent closings on Palm Beach have involved home-hopping among wealthy buyers already residing on the island. Designer Tom Ford was reportedly involved in a mansion swap worth more than $100 million in May, just five months after dropping $51 million on a non-waterfront compound on the island.
Frequent island real estate investor Mosie Miller bought a waterfront home for $21.6 million on Palm Beach’s North End in June, a few weeks before selling his oceanfront estate for $68.1 million. Another longtime Palm Beach resident and real estate investor, former Home Shopping Network CEO James Held, bought a non-waterfront home for $17.1 million in June.