Andrew Farkas, chairman and CEO of Island Capital Group, sold his oceanfront Palm Beach mansion for $51.4 million, making it one of the most expensive sales on the island so far this season.
Records show Farkas’ 516SOB Trust sold the house at 516 South Ocean Boulevard to the Four Z’s LLC, a Colorado entity with a mailing address near Aspen. The true buyer is hidden.
Dana and Paulette Koch with the Corcoran Group had the listing, and Lawrence Moens with Lawrence A. Moens Associates brought the buyer.
Farkas founded Island Capital, the New York City-based commercial real estate-focused merchant bank and investment platform, in 2003. Prior to that, he oversaw the merger of Insignia Financial Group with CBRE, as CEO of Insignia.
He bought the South Ocean Boulevard house in 2020 from Christopher Sinclair, the former CEO of Mattel, for $24.2 million. Built in 2015 on half an acre, Farkas expanded the mansion and renovated the interior, according to property records. The 9,950-square-foot mansion has seven bedrooms, 11 bathrooms, two half-bathrooms, a club room, a library, a pool and an oceanfront parcel with 100 feet of beach frontage, the listing shows.
It hit the market in December asking $60 million, according to Zillow. It is among the most expensive home sales on the island so far this year, after Trump’s election win jumpstarted Palm Beach real estate’s busy season.
Last month, Red Ventures billionaire co-founder and CEO Ric Elias sold his oceanfront mansion for $73 million, making it the island’s priciest sale this year to date. In February, billionaire beauty mogul William Lauder went into contract on 2.3 oceanfront acres he had listed for $177.8 million, but the deal has yet to close, and the final sale price is unknown.More recently, a widow sold her oceanfront home for $26.7 million, down from the original $39 million asking price. Market turmoil in the aftermath of tariff threats has not slowed dealmaking for Palm Beach’s ultra-luxury homes, agents say. Brokers anticipate pricey deals will continue to close through the early summer months.
