Waterfront Palm Beach estate sells for $55M amid demand for turnkey mansions

Gary Smith, the former COO of Red Bull, and his wife, Kaylnn Smith, bought a waterfront mansion in Palm Beach for $55.2 million.

Records show the couple bought the house at 1610 North Ocean Boulevard from Bryan and Serena Mattson. Margit Brandt with Premier Estate Properties had the listing, and Todd Peter with Sotheby’s International Realty brought the buyers. 

The sellers listed the mansion for $65 million in September, Zillow shows. The sale price works out to $6,794 per square foot, and equates to a 116 percent appreciation in price since its last sale.

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The Mattsons paid $25.5 million for the property in 2019. Bryan Mattson is a portfolio manager with Lombard Odier Asset Management. 

Palm Beach-based Frisbie Group built the 8,100-square-foot mansion on 0.9 acres the year prior, property records show. The home has five bedrooms, eight bathrooms, two half-bathrooms, a pool and a dock, records show. The compound also has two guest houses, a staff kitchen and a library.

Brandt said the deal signals the strong demand for turnkey waterfront properties on the island. Buyers are increasingly drawn to the North End neighborhood for its family-oriented community and private beaches, she said. 

“South Florida hasn’t seen any kind of slowdown,” she said. “I wouldn’t be surprised if we’re busy here through early summer.”

The North Ocean Boulevard sale marks the latest pricey deal in what agents say has been a lively season on the island. 

Last month, the family of the late George Cohon, the McDonald’s franchisee credited with bringing the Big Mac to Russia, sold a waterfront lot for $27.5 million. Also in March, Fordham University trustee  Kim Bepler dropped $30 million on a lakefront home, and the financier Mark Marcello paid $36 million for a 1.5-acre compound in the Mar-a-Lago Security Zone. 

Gary Smith started his career as an executive with Pepsi before joining Red Bull as COO in 2000. He left the energy drink giant in 2007 and has since co-founded New Providence, a New York-based consumer sector SPAC. Kalynn Smith joined New Providence as a partner in 2022.