Palm Beach Penthouse Sold By Billionaire Collier‍

An owner of a penthouse in Palm Beach, Florida, belonging to the billionaire Collier family, has recently added to what is already an extensive portfolio of properties in the city. 

‍

Record sales indicate Barron G. Collier II paid $8 million for penthouse C at 315 South Lake Drive in Southlake, according to records. A four-bedroom, two-story unit built in 1969 featuring a full-time doorman, a full-time manager, and a pool, was sold by Richard and Susan Robbins in 2012. 

‍

During the past decade, Collier, a Palm Beach developer, has owned a penthouse in the Palm Beach area. According to Forbes' list of America's richest families in 2015, the Collier family net worth was estimated to be $2.3 billion in 2015 as a result of Barron Gift Collier's development of large swaths of land along Florida's west coast. Collier County is named after him. 

‍

The listing says that Christine Gibbons from Sotheby's International Realty represented Collier in the purchase of the condo, while Tom Shaw from Sotheby's also represented the sellers. As the seller adjusts to the changing market, price reductions are becoming increasingly common throughout South Florida, where the property was listed for $10.5 million. As a result, a 25 percent price cut was achieved on the property. 

‍

There are records that show Collier purchased an 1,800-square-foot unit on the third floor of the building for approximately $1.7 million in 2016, which was a second unit that he has owned in the building. 

‍

There are a number of high-profile buyers who have recently set their sights on condos in Palm Beach given the city's reputation for seaside mansions. 

‍

There was recently a transaction involving designer Todd Michael Glaser and his colleagues who bought the raw unit for $15.5 million and then flipped it to car dealership mogul Terry Taylor for $18 million. Those sales are 10 months after Todd Michael Glaser and his partners bought the raw unit for $15.5 million. 

‍

A South Ocean Boulevard Palm Beach condo that was purchased this month by members of the prominent Simkins family sold for nearly $3 million, or about $2,900 per square foot, some three times the previous sale price of the same property six years ago. 

‍

According to Palm Beach records, billionaire Robert Kraft, owner of the New England Patriots, bought the penthouse at 110 Sunset Avenue for $23.8 million in December of last year. 

‍

In spite of this, year-over-year sales of condos in Palm Beach have declined. According to Douglas Elliman's reports, sales of condos declined 35 percent to 77 closings in the first quarter. In addition to the 65 percent rise in median condo prices to 1.5 million, inventory also soared by 146 percent to 160 listings, a rise of 66 percent.