Financier sells home in North Palm Beach’s Lost Tree Village for $16M
Seller Michael Johnston completed 6,200 sf house in 2021
Financier Michael Johnston sold his home in North Palm Beach’s Lost Tree Village gated community for $16.3 million.
Records show Johnston’s trust, with his children Daniel and Virginia Johnston signing, sold the house at 1009 Palm Way Road to a trust named for the address. Local attorney and real estate agent Robert Kanjian signed on behalf of the buyer. The true buyer is unknown.
James Kenny and Paul Kaneb of K2 Realty had the listing. They declined to comment on the deal.
Michael Johnston is the former director of Capital International LImited, a financial services company based in London.
He bought the Palm Way Road home for $4 million in 2018 and demolished the existing house. Johnston completed the new 6,200-square-foot house in 2021. Built on 0.7-acres, the four-bedroom home has five bathrooms, one half-bathroom, a gym, pool and outdoor showers, the listing shows.
Johnston listed the house for $14.8 million in November, the listing shows.
The home marks the second priciest deal in Lost Tree Village this year. The family of late developers Mary and William Ryan sold the couple’s oceanfront Lost Tree estate for $25 million in May.
The gated coastal golf community, built on 450 acres in 1961, has attracted some high-profile buyers over the years, including Alfred Kelly Jr., the former chairman and CEO of Visa. Golf great Jack Nicklaus designed the course, and has owned a home in Lost Tree for more than 50 years, according to the Palm Beach Post.
Beyond the gates of Lost Tree, other recent sales in North Palm Beach include a hedge funder’s May purchase of a waterfront mansion for $14 million. Midwest car dealer Jill Green sold her waterfront mansion for $10.9 million in November of last year.
In August of last year, tech billionaire Larry Ellison listed his oceanfront North Palm Beach compound for $145 million, after buying it for $80 million in 2021. Adam McPherson, Chris Leavitt and Ashley McIntosh of Douglas Elliman had the listing, which has since been removed.