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An off-market deal in the luxury enclave of Palm Beach has set a new record for the glitzy hot spot at $170 million, The Wall Street Journal reported on Wednesday.
The buyer is luxury car dealer Michael Cantanucci, according to The Journal’s sources, and records show the sellers are Green Mountain Coffee Roasters founder Robert Stiller and his wife, Christine Stiller.
At $170 million, the sale surpasses Palm Beach’s most recent bank-breaking deal, William Lauder’s $155 million purchase of Rush Limbaugh’s longtime estate, by $15 million.
The seller was represented by Lawrence Moens of Lawrence A. Moens Associates and the buyer by Christian Angle of Christian Angle Real Estate.
The waterfront mansion spans more than 20,000 square feet and sits on approximately 1.6 acres with about 150 feet of ocean frontage. The property is a Mediterranean-style home and was built in 2006, then expanded in 2015.
The Stillers originally purchased the home for just $25 million in 2014.
Robert Stiller founded Green Mountain in 1981 as a small coffee shop in Vermont. He took the company public in 1993 and went on to acquire beverage brewing giant Keurig Inc.
Cantanucci has New Country Motor Car Group luxury dealerships across New York, Connecticut, Maryland, Pennsylvania and Florida — including in Palm Beach.
Cantanucci and his wife, Kimberly Cantanucci, are currently under contract to sell another Palm Beach property, a 5,500-square-foot home that was put on the market in early April for $34.95 million. They paid $12.9 million for that property in 2014, according to records.
The couple have also been property owners in New York City. In 2021, they sold a unit at 220 Central Park South for about $40 million and are purchasing a roughly $50 million unit at 111 West 57th Street, according to The WSJ.
Palm Beach saw a surge of real estate activity during the pandemic, but since the end of last year, has slowed considerably. The market’s number of luxury sales dropped 41.2 percent year over year during the first quarter of 2023, according to Douglas Elliman and appraisal firm Miller Samuel. A number of major purchases, including Lauder’s $155 million one, contributed to higher sales prices, with the average up 14.7 percent from the same period in 2022.
Florida’s statewide record for priciest deal is Larry Ellison’s $173 million purchase of an oceanfront Manalapan estate, which closed last year.
Two currently active listings in Florida could break that record if they sell at or close to their asking price: the $218 million 10 Tarpon Isle, which sits on a private island in Palm Beach, and Lauder’s two adjacent vacant parcels on Palm Beach, for which he is asking $200 million.
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