Ric Elias Sells Palm Beach Mansion for $73 Million
Ric Elias, co-founder and CEO of Red Ventures, has sold his oceanfront Palm Beach mansion for $73 million, marking one of the most substantial real estate transactions in the area this year.
Acquisition and Property Details
In 2020, Elias and his wife, Brenda, acquired the property at 530 South Ocean Boulevard for $37.25 million. The 12,900-square-foot residence, constructed in 2018, features eight bedrooms, 11 bathrooms, four half-bathrooms, and a pool. The sale included all furnishings and artwork, underscoring the property's turnkey appeal.
Market Context
Palm Beach's luxury real estate market has experienced significant growth, with single-family home sales priced over $10 million increasing by 21.1% year-over-year in 2024. The market's strength is attributed to factors such as historically low inventory, a surge in demand from affluent buyers relocating from high-tax states, and the allure of Florida's favorable tax environment.
Sale Details and Representation
The recent sale was facilitated as an off-market transaction, with Jack Rooney of Douglas Elliman representing both the buyer and the seller. Rooney, a member of the billionaire Rooney family that owns the Pittsburgh Steelers, declined to disclose the identities of the parties involved.
Design and Amenities
The mansion was developed by insurance magnate Sir Peter Wood and completed in 2018. Designed by Smith & Moore Architects with interiors by Marc-Michaels Interior Design, the property offers ocean views from multiple rooms, a spacious master suite, and expansive outdoor living areas.
Impact on Palm Beach's Real Estate Landscape
This transaction highlights the robust demand for luxury properties in Palm Beach. The area's appeal continues to grow among high-net-worth individuals seeking exclusive residences in a tax-friendly environment. The sale also reflects the market's trend toward turnkey, fully furnished homes, catering to buyers seeking immediate occupancy without the need for extensive customization.
Insights
What factors are driving the surge in Palm Beach's luxury real estate market?
Palm Beach's luxury real estate market is experiencing significant growth due to historically low inventory, a surge in demand from affluent buyers relocating from high-tax states, and the allure of Florida's favorable tax environment.
How does the sale of Ric Elias's mansion reflect current market trends?
The sale of Ric Elias's mansion exemplifies the market's trend toward turnkey, fully furnished homes, catering to buyers seeking immediate occupancy without the need for extensive customization.
Who represented the buyer and seller in this transaction?
Jack Rooney of Douglas Elliman represented both the buyer and the seller in this off-market transaction. Rooney is a member of the billionaire Rooney family that owns the Pittsburgh Steelers.
What amenities does the mansion offer?
The mansion features eight bedrooms, 11 bathrooms, four half-bathrooms, a pool, and was sold fully furnished, including art.
What is the significance of this sale for Palm Beach's real estate market?
This sale underscores the robust demand for luxury properties in Palm Beach and reflects the market's trend toward turnkey, fully furnished homes, catering to affluent buyers seeking immediate occupancy.
