I
n a Palm Beach real estate coup, a six-bedroom house lot with town-approved plans sold for $16 million to a company linked to private equity specialist David Malm. The savvy investor promptly relisted the property at a whopping $20 million, capitalizing on its prime location and streamlined development potential.

    The 0.6-acre corner lot at 1150 N. Ocean Way boasts stunning ocean views and is situated in one of Palm Beach's most coveted neighborhoods. With approved plans in hand, Malm can bypass the lengthy architectural review process, shaving months off the construction timeline and avoiding costly revisions.

    Malm's company, Goldfinger LLC, purchased the property through a Massachusetts limited liability company, while real estate investor Michael K. Burns sold the lot via a Florida entity affiliated with his commercial property investment firm, Torburn Partners. Both Malm and Burns have a history of buying and selling properties in Palm Beach, with courthouse records showing their previous transactions.

    Burns had owned the North Ocean Way property since 2022, when he razed a 1950s-era house and commissioned plans for a new residence from Vero Beach architect Clemens Bruns Schaub. The Palm Beach Architectural Commission approved the design in March 2024, but ground was never broken on the project.

    By leveraging pre-approved architectural plans, buyers like Malm can significantly expedite their development process, saving time and money in the process. Local real estate observers note that this strategy can be particularly valuable for high-end properties like the one at North Ocean Way.

    The sale of the lot marks another notable transaction in Palm Beach's competitive real estate market, where savvy investors like Malm are capitalizing on prime locations and streamlined development opportunities.