Torburn Companions CEO Sells Palm Seashore Dwelling for M

Torburn Companions CEO Sells Palm Seashore Dwelling for $14M


152 Dolphin Highway in Palm Seashore (Google Maps, Getty)

Genuine estate trader Michael Burns sold his non-waterfront Palm Beach front house for $14.4 million.

Records display Burns marketed the dwelling at 152 Dolphin Highway to Margaret Joan Keyes as trustee of a revocable belief in her identify. Burns is CEO of Torburn Companions, a privately-owned authentic estate expenditure business dependent in Northbrook, Ill. Keyes is the ex-wife of Howard Keyes, the co-operator of Van Nuys, Calif.-primarily based Keyes Car Group.

Whitney McGurk of Brown Harris Stevens represented the vendor, and Spencer Schlager of Douglas Elliman brought the buyer. McGurk could not be arrived at for comment.

Burns purchased the 3,846-sq.-foot, 4-bed room, four-toilet residence in 2020 for $6.8 million, documents clearly show. An Austrian few built the house in 2017, information exhibit. The house features deeded cabana entry and a 50-foot pool, in accordance to the listing.

Burns’ Torburn Companions also invests in South Florida assets. Past calendar year, Torburn sold an office constructing in Plantation to Midtown Money Associates for $78 million.

Burns mentioned the Palm Beach assets for $16.5 million in July, about $2 million additional than its best sale price. Schlager claimed an more sale of private residence introduced the offer shut to the listing cost, but that transaction is not reflected in residence records.

“Don’t enable that be any indicator of a softening market place,” Schlager claimed, incorporating that the “mad rush” of the earlier two several years is around, but selling price declines are nowhere in sight.

“The market’s been reset at new degrees,” he said. “The demand from customers is there, and the offer just is not.”

According to Schlager, the customer is new to possession in Palm Beach front. He declined to comment on her identity.

Before this yr, Keyes sold her Concealed Hills, Calif. mansion to Sylvester Stallone for $18.2 million, the Grime noted. Keyes bought the house in the Kardashian-favored neighborhood for $7.8 million in 2016, according to the outlet. Information show Keyes submitted for divorce from Howard Keyes in 2017.

Keyes is between a slew of latest purchasers in Palm Beach front. This thirty day period, a leading trader at Goldman Sachs dropped $16 million for a recently built dwelling on nearby Nightingale Trail. South Florida developer Todd Glaser purchased back again the Palm Beach residence he marketed in 2019, this time paying $23.2 million for the property.

Significant demand from customers for Palm Seaside properties resulted in a price surge for non-waterfront homes in the initially fifty percent of this calendar year, landing non-waterfront product sales amongst the top revenue in all of Palm Seaside County.



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