B
illionaire Ric Elias, co-founder and CEO of Red Ventures, has sold his Palm Beach mansion for $73 million in an all-cash deal. The sale is the second-highest on the island this year, following a reported $177.8 million deal for William Lauder's estate.
The eight-bedroom French Provincial-style residence spans 14,900 square feet and boasts elegant features such as beamed ceilings, stone and wood floors, and intricate moldings. Designed by Smith & Moore Architects, the home was built in 2018 as a spec house by insurance mogul Sir Peter Wood, who sold it to Elias for $37.25 million in 2020.
The property's grounds include a pool, cabana, and gardens on three-quarters of an acre between Worth Avenue and South County Road. The sale includes the home's furniture, according to sources. Elias, a survivor of the "Miracle on the Hudson" US Airways flight 1549, could not be reached for comment.
The buyer is reportedly a family from the Northeast, represented by Douglas Elliman broker Jack Rooney, who also repped the seller. Rooney noted that the deal highlights the market's heat, with buyers willing to pay premiums for newly completed beachfront developments.
