Oceanfront Palm Beach estate flips for $86M in nine months

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901 North Ocean Boulevard (Zillow)

An oceanfront estate in Palm Beach traded for $86 million, about nine months after it sold for $64 million.

Beechgreen LLC sold the mansion at 901 North Ocean Boulevard to a trust managed by attorney Paul Krasker, according to property records. Beechgreen, a Delaware LLC, has been linked to Jeffrey Feinman, a partner at New York-based accounting firm DDK & Co.

Antoinette Parker signed the deed on behalf of the buyer. Krasker, a West Palm Beach-based lawyer, has represented hidden buyers of a number of estates in Palm Beach.

The 15,000-square-foot, five-bedroom mansion was completed last year by real estate investor and spec home developer Clark Beaty. Beaty listed the property for $84 million last year, but lowered the price before selling it to Beechgreen LLC in August.

The 1.1-acre estate features a pool, wine cellar, gym, media room and guest house. It’s next door to hedge fund billionaire David Tepper’s oceanfront estate.

In March of last year, the seller, Beechgreen LLC, also sold the waterfront property at 10 West San Marino Drive in Miami Beach for $23.5 million.

Sale prices have soared in Palm Beach, one of the first areas to experience a boom in the luxury residential market during the pandemic. Though year-over-year sales have started to decline due to limited inventory and record pricing, buyers are still flipping their properties for double-digit profits.

Last year, Tepper paid $68.4 million for the adjacent oceanfront mansion at 905 North Ocean Boulevard.

Cadre Holdings CEO Warren Kanders and his wife, Allison, recently sold their waterfront Palm Beach estate for $39.9 million, a 57 percent increase in price in one year. A trust also managed by Krasker bought the property.

Last month, developer Todd Michael Glaser and his partners sold a non-waterfront Palm Beach home for $15.5 million, more than double the price they paid for the property last year. The buyer’s LLC is managed by Sandra Edgerley, a philanthropist who is married to Paul Edgerley, a senior adviser at Bain Capital Private Equity.