A Palm Beach oceanfront estate near Mar-a-Lago has changed hands in a private sale for $73 million—nearly doubling its 2020 purchase price.
High-Profile Sellers and a Lucrative Return
Brenda and Ric Elias, who bought the property five years ago for $37.25 million, were on the selling side of the transaction. Ric Elias, a billionaire entrepreneur, is the co-founder and CEO of Red Ventures, a digital media powerhouse based near Charlotte, North Carolina.
While the original sale wasn’t recorded with a deed at the Palm Beach County Courthouse due to its structuring, property records confirm the Eliases' acquisition.
Inside the Estate: Luxury and Architectural Excellence
The 14,908-square-foot estate, completed in 2018, features eight bedrooms—including a two-bedroom staff area. Set on approximately three-quarters of an acre, the home sits between Worth Avenue and the intersection of South Ocean Boulevard and South County Road.
Designed by architect Harold Smith of Smith and Moore Architects and built by Davis General Contracting Corp., the home showcases French Provencal-inspired architecture. Its exterior includes a slate roof, carved Mexican limestone trim, and Merbau wood windows and doors sourced from the South Pacific. The first floor features a loggia with direct ocean views, while the primary suite upstairs opens to a sundeck overlooking the water.
Prime Location Near Mar-a-Lago
Situated in Palm Beach’s exclusive Estate Section, the property is just north of the area that closes to traffic when former President Donald Trump is in residence at Mar-a-Lago.
Off-Market Transaction and Unnamed Buyer
The sale, which closed on March 26, was handled by Douglas Elliman Real Estate agent Jack Rooney, who represented both the buyer and the seller. Rooney confirmed the price but declined to disclose further details, including the buyer’s identity. As of March 28, no deed had been recorded in Palm Beach County property records.
A Spec Home with a Notable History
The mansion was originally developed as a speculative project by British insurance mogul Sir Peter Wood. It stands adjacent to the home he built for himself, which occupies the former site of a residence once owned by legendary musician Jimmy Buffett.
Sir Peter Wood, known for his success in the insurance industry through telephone-based and online sales, has been an active investor in Palm Beach real estate.
Luxury Features and Timeless Design
When the home was previously listed for sale, marketing materials highlighted its ocean-facing ground-floor living spaces, including a formal living room, dining room, and library. The second floor originally featured a master suite with ocean views and four guest suites overlooking the western side of the property.
Interior details include European oak flooring, along with marble and limestone accents. The home also includes a three-car garage and a two-story studio with two additional bedrooms. Outside, the courtyard features a pool with a pergola-covered patio.
Previous Sale and Market Impact
In the 2020 transaction, broker Christian Angle of Christian Angle Real Estate represented the listing, while James Kenney of K2 Realty Inc. worked on behalf of the Eliases.
The $73 million sale underscores the continued demand for ultra-luxury real estate in Palm Beach, where high-end properties remain a hot commodity despite shifting market conditions.
Considering buying or selling in Palm Beach? The Mastropieri Group, Realtors® specializes in luxury real estate across South Florida. Contact us today at (561) 544-7000 to explore your options with expert guidance.
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