Ambrose K. Monell, the grandson of a Gilded Age industrialist, sold his lakefront Palm Beach home for $57 million in an off-market deal, marking another high-dollar transaction during the town’s peak real estate season.
Records show he and his wife, Lili Monell, sold the house at 635 Crest Road to a trust named for the address and managed by prominent wealth management attorney Cameron Casey. Gary Pohrer with Serhant represented the buyer’s side.
Monell’s grandfather and namesake was the nickel magnate Ambrose Monell. He became Carnegie’s chief metallurgical engineer before being named president of the International Nickel Company. He died 1921, leaving behind a $15 million fortune.
Ambrose K. Monell sits on the board of the foundation his family runs in honor of his grandfather.
Listing sites show the Crest Road home last sold for $3.2 million in 1998. It was built in 1950 and spans 0.9 acres, 6,300 square feet, with five bedrooms, four bathrooms, one half-bathroom, a pool and a dock, according to property records.
The Monells sold the adjacent 0.6-acre lot at 625 Crest Road for $25 million in 2021, according to property records.
Their latest deal comes at the height of Palm Beach real estate’s busy season. Agents say the top end of the market is busiest, with buyers seeking large, move-in ready estates. The most expensive sales are frequently closing off-market.
Earlier this month, private equity billionaire Greg Mondre flipped a teardown for $36.3 million, after buying it in March for $31 million. “Trash kingpin” and Trump appointee Anthony Lomangino bought a historic estate known as Villa Flora for $76.7 million in an off-market deal that closed this month. In January, L Catterton boss Michael Chu sold his oceanfront home for $58.3 million, in another off-market deal.