An oceanfront home in Palm Beach has sold for $48.5 million, making it one of the most expensive residential sales on the island this year.
The nearly two acres of property are located on the coveted north end of Palm Beach at 1519 North Ocean Way. The European-inspired villa was listed with Dana Koch and Allison Wren of The Corcoran Group. The buyer was represented by Tom Shaw of Sotheby’s International Realty – Palm Beach Brokerage.
“The sale speaks to the strength of the Palm Beach waterfront market. Direct oceanfront is the gold standard, and we have very little waterfront supply,” Koch tells Behind The Hedges. “In fact, there are only 12 waterfront homes currently on the market. Buyers understand that Palm Beach is a great place to landbank their money, especially in uncertain times.”
The deal closed on Wednesday, May 14.
According to The Wall Street Journal, the buyers are Duane Roberts, who is widely credited with inventing the frozen burrito, and his wife, Kelly J. Roberts. The now 88-year-old billionaire was working at Butcher Boy Food Products in California, a meat company founded by his father, when, in the 1950s, he created the first frozen burrito as fast food became a part of the American diet. He eventually sold the company, an investor and became a real estate developer.
His 65-year-old wife is a noted philanthropist, preservationist, and Southern California entrepreneur who serves as chairman of both the Entrepreneurial Corporate Group, a company her husband founded to manage their culinary and real estate investments, including a portfolio of multifamily apartments. They also own and have been recognized for preserving the iconic Mission Inn Hotel & Spa in Riverside, California, which dates back to 1876.
President Donald J. Trump recently appointed her to the American Battle Monuments Commission, which operates and maintains 26 cemeteries and 31 federal memorials, monuments and commemorative plaques in 17 countries throughout the world, including the United States. During his first term as President, Kelly Roberts had been a candidate to serve as the U.S. Ambassador to Slovenia, the First Lady’s home country.
Their new home in Florida is an estate that was originally built in 1936 and sits along one of the widest sandy beachfronts on Palm Beach.
The 9,136-square-foot home features 10 bedrooms and 11.5 bathrooms, plus another few thousand square feet of outdoor space with a wrap-around lanais and several balconies for seamless indoor-outdoor living.
The 1.8-acre parcel also boasts an oceanfront pool, surrounded by mature tropical landscaping.
The property was marketed as having the ability to renovate or build new.
The seller is Edward Mulé, co-founder and CEO of Silver Point Capital, a Greenwich, Conn.-based investment firm, who bought the house for $15.01 million in 2019. He listed the house in February.
The last asking price was $54.9 million.
The biggest trade of the year reportedly belongs to the sale of two oceanfront lots that were last asking $177.8 million. Owned by William Lauder, the billionaire heir to the Estée Lauder fortune, the 2.8-acre property was originally listed at $200 million. The Wall Street Journal reported the property was in contract in February. If the deal closes above $170 million, it would set a record for Palm Beach.
Lauder owns the Palm Beach estate, formerly owned by Rush Limbaugh, close to the estate owned by the Roberts. He paid $155 million it in 2023.
In March, a $73 million all-cash sale transacted off-market. Douglas Elliman agent Jack Rooney represented the sellers of 530 South Ocean Boulevard, which boasts direct ocean views across South Ocean Boulevard, and includes all furniture.
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