Palm Beach Luxury Real Estate: Fashion Designer and Former NYC Commissioner's $16.2M Property Sale

Prestigious Palm Beach Property Changes Hands in Multimillion-Dollar Deal

In a significant transaction highlighting the continued strength of Palm Beach's luxury real estate market, fashion designer Regine Traulsen and her husband, former New York City commissioner Bill Diamond, have parted ways with their elegant Palm Beach residence for an impressive $16.2 million. The property, located at 220 Wells Road, was originally listed in January with an asking price of $17 million and spent just a few months on the market before finding a new owner.

The transaction was facilitated by Lawrence Moens of Lawrence A. Moens Associates, who represented both the sellers and the buyer. According to property records, the purchaser's identity remains confidential, with the property being acquired through a trust named after the address and managed by Guy Rabideau, a well-known local attorney who frequently handles high-profile real estate transactions in the area.

A Home With Character and Distinguished Ownership

The elegant residence spans 4,700 square feet and sits on a half-acre lot in one of Palm Beach's most desirable neighborhoods. Built in 1989, the property features four bedrooms, seven full bathrooms, and one half-bathroom. The estate also boasts a pool and a dedicated pool house, creating an ideal setting for Florida's indoor-outdoor lifestyle that attracts wealthy buyers to the region.

Traulsen and Diamond have owned the property since 2004 when they purchased it for $3.8 million, representing a substantial return on their investment over nearly two decades. The couple maintains ties to Palm Beach through another property—a condominium in the prestigious Biltmore at 150 Bradley Place, which they acquired for $2.1 million in 2021.

Notable Backgrounds of the Distinguished Sellers

The sellers bring impressive credentials to this high-profile transaction. Bill Diamond has enjoyed a distinguished career in public service, having served as commissioner of New York City's Department of Citywide Administrative Services during Rudy Giuliani's tenure as mayor. His government experience extends to federal service in the General Services Administration under Presidents Ronald Reagan and George H.W. Bush. Locally, Diamond has contributed to Palm Beach governance through his service on the Town Council.

Diamond's connection to real estate runs deep—he is the son of Sidney Diamond, a prominent Manhattan developer who led the Diamond Realty Organization and specialized in multifamily developments.

His wife, Regine Traulsen, has made her mark in fashion and society circles. Born and raised in Morocco and educated at the prestigious Sorbonne in Paris, Traulsen is credited with helping to popularize caftans in American fashion during the latter part of the 20th century. Her designs have garnered attention in elite social circles, and she remains a respected figure in Palm Beach society.

Palm Beach Real Estate Market: A Surging Luxury Landscape

This $16.2 million transaction is part of a broader pattern of robust activity in Palm Beach's ultra-luxury real estate market. Industry observers note that the current busy season began in November, with market confidence seemingly bolstered following Donald Trump's presidential election victory. As a part-time Palm Beach resident himself, Trump's return to office has coincided with renewed interest in the area's premier properties.

While substantial, this sale pales in comparison to some of the season's most extraordinary listings. Currently, the most anticipated transaction involves billionaire beauty heir William Lauder, who has listed 2.3 acres of prime oceanfront land for an astounding $177.8 million—a deal that remains in contract but has yet to close.

The season's highest completed transaction to date was the $73 million sale of an oceanfront mansion by Ric Elias, the billionaire CEO of Red Ventures. Another notable recent sale was the $31 million transaction of Paul L. Maddock Jr.'s longtime residence—particularly significant as Maddock belongs to one of Palm Beach's founding families.

Market Insights

What makes Palm Beach such a desirable luxury real estate market?

Palm Beach combines exclusivity, security, favorable tax conditions, and a pleasant climate that appeals to ultra-high-net-worth individuals. The island's limited inventory and strict architectural guidelines help maintain property values and the area's distinctive character.

How has the Palm Beach real estate market performed in recent years?

Palm Beach has experienced extraordinary growth since 2020, with property values increasing by double-digit percentages annually. The pandemic accelerated this trend as wealthy buyers from high-tax states sought Florida residences, and the market has maintained momentum despite economic uncertainties elsewhere.

What return on investment can luxury property owners expect in Palm Beach?

As demonstrated by the Traulsen-Diamond sale, long-term property ownership in prime Palm Beach locations can yield significant returns. Their $3.8 million purchase in 2004 resulted in a $16.2 million sale—representing a 326% increase over approximately 19 years.

Are there still investment opportunities in Palm Beach real estate?

While entry prices are steep, market analysts suggest that Palm Beach continues to offer strong investment potential compared to other luxury markets worldwide. The limited supply of available properties, combined with consistent demand from wealthy buyers, creates a resilient market environment.

What impact does seasonal occupancy have on the Palm Beach property market?

Palm Beach's seasonal nature creates distinct market patterns, with the highest transaction volume typically occurring between November and April. However, the increasing trend of year-round occupancy and remote work has somewhat smoothed out these seasonal variations in recent years.

Palm Beach's luxury real estate market continues to demonstrate remarkable resilience and appeal to discerning buyers. As properties like the Traulsen-Diamond residence change hands at premium prices, they reaffirm the enduring value proposition of this exclusive Florida enclave for the world's wealthiest property investors.