Telecommunications mogul Kevin Douglas and his wife sold their oceanfront Palm Beach mansion for $37.1 million amid a flurry of pricey deals this season.
Records show Kevin and Michelle Douglas sold their house at 870 South Ocean Boulevard to a Delaware entity named for the address. The true buyer is hidden.
Christian Angle with Christian Angle Real Estate represented both sides in the transaction.
Douglas is an under-the-radar investor who made his fortune with early bets on telecommunications investments through his firm Douglas Telecommunications. He is the largest individual investor in IMAX and has sat on its board since 2016, according to his company profile. He is also chairman of Quantum Fuel Systems in Lake Forest, California.
Todd Glaser and his investment partners bought the house for $12.6 million in January 2021 and flipped it to the Douglases for $28.5 million six months later. Built on 0.4 acres in 1987, the 6,100-square-foot home includes six bedrooms, seven bathrooms, two half-bathrooms and two pools, according to records and the listing.
The couple listed the house for $43.9 million in November, Zillow shows. The latest sale price marks a 194 percent appreciation in price since Glaser bought the home five years ago.
The deal is closing amid Palm Beach real estate’s busy season.
This week, the family of international McDonald’s mogul George Cohon sold a half-acre piece of waterfront land for $27.3 million. The family’s adjacent home listed at $34.5 million is under contract.
Also this month, Fordham University trustee Kim Bepler dropped $30 million on the longtime lakefront home of the family that founded Flagler National Bank, which through a series of mergers was a predecessor to Truist Bank.
And financier Mark Marcello bought a 1.5-acre estate in the Mar-a-Lago Security Zone for $36 million.
