Tom Ford Exchanges Palm Beach Mansion in Lucrative Deal Worth Over $100 MillionMay 20, 2023
Tom Ford, the renowned American fashion designer, has set his sights on acquiring another luxurious estate in Palm Beach, engaging in a home swap estimated to exceed $100 million. Ford made waves in the Palm Beach real estate market by purchasing the non-waterfront mansion at 241 Jungle Road for a staggering $51 million in December. However, he now seeks to upsize his living quarters through an arrangement with Brian Kosoy, the CEO of Sterling Organization, based in West Palm Beach. The Palm Beach Daily News was the first to report this noteworthy development.
While the prices of the houses involved in the trade remain undisclosed, industry sources anticipate the transaction will establish a new record for non-waterfront residences in Palm Beach. The deeds for the properties did not record, but insiders suggest that the combined value of the trades will exceed $100 million.
It is worth noting that Tom Ford, having sold his company to cosmetics giant Estée Lauder for a staggering $2.8 billion last year, continues to expand his real estate portfolio. The property he sells to the Kosoys spans nearly 1 acre and is on Jungle Road. This lavish estate boasts a 10,200-square-foot mansion housing three bedrooms, a two-bedroom guest house, and an exquisite pool. Construction on this opulent residence concluded in 2016.
On the other hand, Brian Kosoy and his wife, Andrea, are parting with their expansive five-bedroom mansion at 195 Via Del Mar in Palm Beach. The Kosoy acquired this sprawling 17,424-square-foot estate in 2015 for $19.4 million. With 1.6 acres, the property features a tennis court and an inviting pool. Initially built in 1930, it exudes timeless elegance.
Despite a general slowdown in sales across South Florida, the ultra-luxury market in Palm Beach continues to shatter records. Notably, coffee magnate Bob Stiller and his wife, Christine Stiller, recently sold their oceanfront estate at 589 North County Road to luxury car dealer Michael Cantanucci for a staggering sum of approximately $170 million, marking a new record for Palm Beach and approaching the record for home sales in Florida. Following this sale, the Stillers purchased the impressive lakefront mansion at 1350 North Lake Way in Palm Beach for $66 million in May. Notably, billionaire casino mogul Steve Wynn sold this residence for a 35 percent increase from his purchase price just two years ago.
Furthermore, in March, billionaire William Lauder, the executive chairman of Estée Lauder Companies, acquired Rush Limbaugh’s former Palm Beach compound located at 1495 and 1501 North Ocean Boulevard for an astounding $155 million. Additionally, Lauder listed his two adjacent oceanfront vacant lots at 1063 and 1071 North Ocean Boulevard for a remarkable $200 million. These significant transactions exemplify the robustness and allure of the Palm Beach luxury housing market.