Engel & Völkers Florida today announced the sale of 250 Palmo Way. Alexandra Solimine, an advisor with Engel & Völkers Wellington, successfully represented the buyer in the off-market acquisition of the prestigious home located in northern Palm Beach. The property, sold for $25 million, marks a significant increase from its previous sale price of $17 million just three years ago — a remarkable 47 percent rise in value.

“The significant appreciation of this property underscores the strength and desirability of the Palm Beach real estate market,” said Solimine. “It's a testament to the enduring appeal of this exclusive community and the quality of the properties within it.”

Marley Goodman Overman, an agent with Illustrated Properties, represented the sellers, as she did in the 2021 transaction. The deed, recorded on May 28, identifies the buyer as Robert Steven Crespi, trustee of a revocable trust. Crespi is the managing member and co-founder of Maplelane Capital, a New York City-based hedge fund. The sellers were the Bellobella Family Trust and the Venice Family Trust, each holding a 50 percent stake in the property. Lisa Hearst Hagerman, linked to the Hearst media family, and James D. Hanegan, a Denver-based accountant, acted as trustees.

“The drastic price increases we've observed in Palm Beach reflect its unparalleled desirability among affluent consumers,” said Amy Carr, Broker/Owner of Engel & Völkers Wellington. “This market remains incredibly attractive due to its exclusive properties, beautiful surroundings, and luxurious lifestyle offerings. The sale of 250 Palmo Way is a prime example of how high demand continues to drive substantial value growth in this prestigious area.”

According to Zillow, the average home value in Palm Beach is $2,114,224, reflecting a 2.5 percent increase over the past year. This sale, however, far exceeds the average, highlighting the unique appeal and premium nature of this particular property.

"This sale is our highest to date in 2024,” said Peter Giese, CEO of Engel & Völkers Florida. “Premium real estate is our specialty, and we've seen several ultra-luxury sales this year. Representing an off-market transaction, especially one involving multiple trusts and notable individuals, requires a nuanced understanding of both legal intricacies and client confidentiality. Alexandra navigated these complexities with remarkable skill, ensuring a seamless process for all parties involved.”

Built in 2017, the seven-bedroom, eight-full-bathroom, and two-half-bathroom house spans 8,940 square feet, with a one-bedroom, two-bathroom guesthouse and a three-car garage. The combined living space totals 10,976 square feet. The property includes a master bedroom with a terrace overlooking gardens by Nievera Williams Design, a swimming pool, an open-air loggia, an herb garden, and an outdoor fireplace on a pergola-topped patio.

About Engel & Völkers:
Engel & Völkers is a global luxury real estate brand. Founded in Hamburg, Germany, in 1977, Engel & Völkers draws on its rich European history to deliver a fresh approach to luxury real estate in the Americas with a focus on creating a personalized client experience at every stage of the home buying or selling process. Engel & Völkers currently operates approximately 300 shop locations with over 6,500 real estate advisors in the Americas, contributing to the brand’s global network of over 16,600 real estate professionals in more than 30 countries, offering both private and institutional clients a professionally tailored range of luxury services, including real estate and yachting. Committed to exceptional service, Engel & Völkers supports its advisors with an array of premium quality business services; marketing programs, and platforms; as well as access to its global network of real estate professionals, property listings, and market data. Each brokerage is independently owned and operated. For more information, visit www.evrealestate.com.