Luxury Meets Waterfront Living: Construction Magnate Acquires $15.3M Admirals Cove Estate in Jupiter

Prestigious Admirals Cove Property Changes Hands in Multi-Million Dollar Transaction

Kenneth Grunley, the respected CEO of Grunley Construction, has added a magnificent waterfront residence to his portfolio, acquiring a stunning property in Jupiter's elite Admirals Cove community for $15.3 million. The transaction represents one of the notable high-value real estate deals in Jupiter's luxury market this year, highlighting the continued desirability of South Florida's premium waterfront properties.

Property records confirm that Grunley purchased the impressive estate located at 112 Quayside Drive from Russell and Patricia Stern. The transaction was facilitated by Michele and Fredrick Locke of Fine Living Realty of the Palm Beaches, who represented the sellers, while Janis Lax with Waterfront Properties & Club Communities brought the buyer to the table.

A Construction Titan Expands His Horizons

As the chief executive of his eponymous Rockville, Maryland-based construction enterprise, Kenneth Grunley leads one of the Washington, D.C. area's most influential general contracting firms. Grunley Construction has established an impressive reputation specializing in government, commercial, and institutional building projects throughout the capital region.

The company's portfolio includes renovation and modernization work on some of America's most iconic landmarks and institutions. Their expertise has been applied to transforming historical treasures including the Eisenhower Executive Office Building, Washington Monument, Thomas Jefferson Memorial, Kennedy Center for the Performing Arts, and the legendary Watergate Hotel—projects that underscore the firm's commitment to preserving and enhancing architectural heritage while maintaining modern functionality.

From Tech Leadership to Waterfront Luxury

The property's previous owner, Russell Stern, currently heads The Alternative Board (TAB) Jupiter, a business coaching organization dedicated to helping entrepreneurs and business leaders achieve their professional objectives. His impressive background includes leadership as CEO of Solarflare Communications, a pioneering semiconductor developer that was acquired by Santa Clara-based AMD (previously Xilinx) in a substantial $400 million transaction in 2019.

The Sterns originally purchased the 0.4-acre waterfront property in 2019 for $2.2 million, according to public records. This represents a remarkable appreciation in value, amplified by the construction of the current residence in 2021. The property initially entered the market in July with an asking price of $17 million, according to Zillow data, before commanding the final sale price of $15.3 million.

Architectural Excellence With Premium Waterfront Access

The newly constructed residence exemplifies contemporary luxury waterfront living. Spanning an impressive 6,500 square feet, the meticulously designed home features five bedrooms, five full bathrooms, and two half-bathrooms. Floor-to-ceiling windows maximize the spectacular water views, while premium finishes and architectural details create an atmosphere of refined elegance throughout.

The property's exterior is equally impressive, featuring expertly landscaped grounds, a resort-style swimming pool, and expansive entertaining areas designed to capitalize on South Florida's indoor-outdoor lifestyle. Perhaps most coveted is the estate's 100 feet of direct waterfront access, complemented by a private dock capable of accommodating substantial vessels—a feature particularly valuable in this nautical-focused community.

Admirals Cove: Jupiter's Premier Address for the Ultra-Affluent

Admirals Cove has consistently maintained its position as one of South Florida's most prestigious gated communities, attracting a diverse array of high-net-worth individuals, celebrities, and business leaders seeking privacy, security, and world-class amenities. The community offers residents exceptional facilities including championship golf courses, tennis complexes, a marina, fine dining options, and comprehensive concierge services.

The enclave's exclusivity has made it particularly attractive to notable figures across various industries. Donald Trump Jr. and his former fiancée Kimberly Guilfoyle acquired a $9.7 million property within the community in 2021. Professional sports are well-represented, with Blue Jays pitcher Max Scherzer owning two homes in Admirals Cove, purchased for a combined $24.7 million.

The community has witnessed several significant transactions in recent years. BlackRock executive Rick Rieder divested his Admirals Cove mansion for $14 million last year, while seed industry magnate Ronald Holden sold his expansive 1.1-acre estate for $34 million in November—setting what was temporarily a record price for Jupiter real estate.

That benchmark was subsequently eclipsed when Edward Brown, the retired CEO of Patrón Spirits, sold his Bears Club mansion for an unprecedented $48 million in February, establishing a new high-water mark for Jupiter and inland Palm Beach County property values.

Insights About Jupiter's Luxury Real Estate Market

Why is Admirals Cove attracting so many high-profile buyers?

Admirals Cove combines exceptional security, world-class amenities, and the prestige of a recognized address with direct water access—all essential factors for affluent buyers. The community's 45-hole golf course, tennis facilities, and 74-slip marina create a resort lifestyle within a private, secured environment that appeals particularly to high-net-worth individuals seeking both luxury and privacy.

How has Jupiter's luxury real estate market performed compared to other premium Florida locations?

Jupiter has experienced remarkable growth in the ultra-luxury segment, with record-breaking sales demonstrating that the area now commands prices competitive with traditional luxury strongholds like Palm Beach and Miami. The $48 million Bears Club transaction earlier this year confirmed Jupiter's arrival as a premier destination for discriminating buyers seeking exceptional properties with more space and privacy than denser coastal communities.

What return on investment can luxury property owners expect in communities like Admirals Cove?

The Sterns' property appreciation—from a $2.2 million lot purchase plus construction costs to a $15.3 million sale—demonstrates the potential for significant returns in Jupiter's premium market. Waterfront properties with direct access have consistently shown the strongest appreciation, particularly those featuring newer construction with modern design elements and energy-efficient systems.

Is the luxury waterfront market in Jupiter expected to maintain its strength?

Real estate analysts predict continued strong performance for Jupiter's premium waterfront properties due to limited inventory, increasing demand from wealthy buyers relocating from higher-tax states, and the community's reputation for exceptional quality of life. While market fluctuations may occur, the fundamental appeal of these exclusive waterfront communities suggests long-term value retention and appreciation potential.