Palm Beach real estate investor Richard True sold a mansion for $16 million on a portion of a property listed last year for $34.8 million.
An entity managed by True sold part of the nearly 1-acre estate at 301 Polmer Park in Palm Beach, records show. The buyer is Patrick Carney, a developer also based in Palm Beach.
James McCann with Premier Brokers International represented Carney, according to Zillow.
In June of last year, True’s entity paid $25 million for the six-bedroom, 7.5-bathroom home completed in 1973. A month later, True relisted the property for $34.8 million, according to Zillow. Between February and May, True slashed his asking price twice by roughly 30 percent. A pending sale for $22.5 million last month fell through, Zillow shows.
The listing states the property is being divided, and that the deal is only for the completed estate on the eastern side of the lot.
True and his listing agent, Christian Angle, did not respond to phone messages seeking comment.
Built by the late developer Robert Gottfried, the 8,473-square-foot mansion is in Polmer Park, a cul-de-sac five blocks south of the Palm Beach Country Club, according to published reports. The property features a walled tennis court and pavilion amid landscaped gardens, a swimming pool with a cabana, a library with a bar, a terrace with a fountain and a three-car garage.
Palm Beach mansions can sell for sky-high prices, depending on their proximity to the water. An oceanfront estate at 901 North Ocean Boulevard just traded for $86 million, about nine months after it sold for $64 million.
Also this month, Cadre Holdings and Safariland CEO Warren Kanders sold his waterfront Palm Beach mansion for $39.9 million, a 57 percent increase in price in one year.
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.