Billionaire Robert E. Rich Jr. has sold his Palm Beach estate for $14.35 million, making it the second largest residential deal this year in the area.
The 42-year-old inherited the Indian Road home, which has five bedrooms and a front lawn with a putting green. Sitting on slightly more than 1.5 acres, the lot includes approximately 142 feet of beachfront.
Lawrence Moens, of Lawrence A. Moens Associates, said, “It’s the most spectacular parcel available on the beach in Palm Beach because of its size.” Listed by Moens, the home was priced at $19.8 million, but sold for slightly less.
Rich Jr, whose net worth is estimated at $2.1 billion, inherited the home from his father, Robert E. Rich Sr., in 2006. Rich Jr. is currently ranked number 200 in Forbes’ 2012 list of the wealthiest Americans and number 601 on Forbes’ list of the world’s billionaires. As chairman of Rich’s Product Corp., a Buffalo, N.Y-based food business, Rich Jr. also serves as the chairman of the Cleveland Clinic’s board of trustees and is vice chairman of the board of trustees of the International Game Fish Association.
The most expensive residential sale in Palm Beach this year was the September sale of a 1922 home at 456 Worth Avenue, which was sold for $15.7 million.
Source: Palm Beach Daily News