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Financiers sell waterfront Palm Beach house for $25M

Richard and Cornelia Thornburgh bought home for $9M in 2014

<p>A photo illustration of Richard E. Thornburgh along with 550 Island Drive (Getty, Corsair, Google Maps)</p>

A photo illustration of Richard E. Thornburgh along with 550 Island Drive (Getty, Corsair, Google Maps)

Financiers Richard and Cornelia Thornburgh sold their waterfront home on Palm Beach’s Everglades Island for $25.4 million.

Records show the Thornburghs sold the house at 550 Island Drive to 260N Property Limited Partnership, a Canadian entity. The true buyer is unknown. Canadians have been a growing demographic of international buyers in South Florida in recent years. 

Whitney McGurk and Liza Pulitzer with Brown Harris Stevens had the listing. Jim McCann of Premier Estate Properties brought the buyer.

Cornelia Thornburgh’s career has spanned executive roles at the investment firm Eachwin Capital and the advertising agency J. Walter Thompson. She has been on the board of trustees for Trinity College in Hartford, Connecticut since 2004, and was chair of the board from 2014 to 2021. Her husband, Richard Thornburgh, is a senior advisor to New York City-based Corsair Capital. Previously, he was executive vice chairman of Credit Suisse First Boston, where he spent most of his career. He is also the non-executive chairman of the board of S&P Global.

The couple bought the Island Drive house for $9 million in 2014, according to property records. It was built in 1955 on nearly 0.6 acres, and spans 4,200 square feet, with seven bedrooms, seven bathrooms, one half-bathroom and a pool, records show. The property also has 150 feet of waterfront. They completed an extensive renovation of the home in 2016, the listing shows.  

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The Thornburghs bought a smaller home at 159 Australian Avenue for $8.1 million in 2023, according to property records. They listed the Island Drive home for $39 million that year, according to Realtor.com. McGurk said they were “trying to discover exactly where the value of the home was,” in a changing market. Over the summer, the home was delisted, painted white and McGurk and Pulitzer staged it before relisting for $24.9 million in November.  

Palm Beach’s luxury real estate market has surged in demand and pricing in recent years. Price growth has slowed since peaking in 2022, and slashing prices has helped to move deals during the past 12 months. 

Agents say the island’s high season for real estate dealmaking was kickstarted by the election of President-elect Donald Trump in November. A slew of pricey sales have since closed, including a $30.8 million purchase linked to the billionaire Cox family last month. Earlier this month, an entity linked to Kayne Anderson CEO Al Rabil bought a house adjacent to his 3.4-acre oceanfront compound for $17.6 million. Also this month, Sotheby’s International Realty agent and real estate investor Betsy Sorrel sold a renovated home for $15.9 million

McGurk said he anticipates a strong season in the coming months. 

“We’re seeing new inventory come on daily,” he said. “And the town is packed.”

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