Former Apple CEO John Sculley and his wife are buying a $40 million condo at the under-construction South Flagler House in West Palm Beach.
The couple are in contract for a three-bedroom penthouse at Related Ross’ luxury towers planned at 1355 South Flagler Drive, the Wall Street Journal reported.
South Flagler House is the premier condo project that Related, led by billionaire chairman Steve Ross, has under development in West Palm Beach. Related upped the ante on its sales efforts at the project in recent months, courting top agents from nearby Palm Beach to bring in their buyers from the island.
Sculley and his wife Diane Sculley sold their house at 1214 North Ocean Boulevard in Palm Beach in September for $37 million, down from their first $54.9 million asking price.
The couple planned a nearly 3,000-square-foot addition to the oceanfront home, but lost interest when faced with the construction timeline, she told the Journal.
“It was going to take us three to four years to build what we wanted to build,” she said. “And we looked at each other, and we just didn’t have the desire.”
The Sculleys’ South Flagler House unit will span 11,000 square feet with a media room and two offices when completed, the outlet reported. They hired architect Tony Ingrao to oversee design for the condo.
South Flagler House is the most expensive new development condo on the market in West Palm Beach.
The 28-story, two-tower project is set to have 105 units, ranging from $7.9 million to $73 million. Designed by Robert A.M. Stern Architects, the towers’ amenities will include social and hosting spaces like a private dining room, catering kitchen, wine room, game room, teen room, playroom, library and media room. The project will also have wellness and fitness facilities, pickleball courts, a golf simulator and a salon.
Related bought the 3.4-acre site for $194.6 million in 2023 and launched sales that year. In June, Ross secured $600 million in construction financing from Bank OZK. Construction is expected to be completed in 2027.
Related has been tight-lipped about sales at South Flagler House, but sources say the project is about 50 percent presold.
It is one of more than a dozen condo projects planned in West Palm Beach, where more than 2,000 units are in the development pipeline. Also in the works is Kenneth Baboun’s 22-story, 55-unit Alba Palm Beach, which is set to finish construction this spring. Terra and Sympatico Real Estate landed a $285 million construction loan for their planned Mr. C Hotel & Residences West Palm Beach in August. A newer entrant, Kolter Group and Perko Development Partners launched sales for their planned Maison d’Or condos this week.
–– Kate Hinsche