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The former executive chairman of Estée Lauder Companies (EL+0.54%) reportedly sold two vacant parcels of land on the Palm Beach waterfront for $200 million, sources told the Wall Street Journal.
Billionaire William P. Lauder, the grandson of businesswoman Estée Lauder, purchased the first of the two properties for almost $25.4 million in 2020. The following year, he bought the second parcel for an undisclosed sum.
Cumulatively, the parcels are slightly less than three acres with 360 feet of direct beach frontage. Lauder tore down homes on both properties, before putting them on the market in 2023.
Even in the rarified world of Palm Beach property, Lauder’s transaction could be record-breaking. If the sale is for more than $170 million, it would exceed the 2023 purchase price for luxury car dealership owner Michael Cantanucci’s 1.6-acre property, according to the Wall Street Journal (NWSA+0.53%).
Though Palm Beach has long been an enclave for the wealthy and powerful, in the last five years property costs have skyrocketed in the eastern Florida city. Even as the global real estate market slowed following the post-Covid boom, the number of ultra-expensive real estate deals in Palm Beach continues to increase.
In the second quarter of 2024, for example, the city saw 36 residential real estate transactions in excess of $10 million, according to a report from real estate firm Knight Frank. In the same period, in 2023, there were just 19 comparable real estate transactions.
Some have attributed the property boom to President Donald Trump’s presence in Palm Beach – the city is home to the Mar-a-Lago resort.
“We have undoubtedly seen a huge bump after the election,” Margit Brandt, of Premier Estate Properties, told Mansion Global.
“Some international buyers now have their sights set on Palm Beach, so we’ve expanded the buyer pool majorly,” she continued. “Palm Beach is on the world stage now; it’s the center of the universe.”