Telecommunications investor Kevin Douglas and his wife sold their oceanfront mansion in Palm Beach for $37.1 million, according to a Mar. 27 report. The sale comes during a period of high-value real estate transactions in the area.
The property, located at 870 South Ocean Boulevard, was sold to a Delaware entity named after the address, with the true buyer remaining undisclosed. Christian Angle of Christian Angle Real Estate represented both sides in the transaction.
Douglas is known for his early investments in telecommunications through Douglas Telecommunications and is currently the largest individual investor in IMAX, serving on its board since 2016. He also holds the position of chairman at Quantum Fuel Systems based in Lake Forest, California.
The house was previously purchased by developer Todd Glaser and partners for $12.6 million in January 2021 before being resold to the Douglases six months later for $28.5 million. Built on a 0.4-acre lot in 1987, records show that the home has six bedrooms, seven bathrooms, two half-bathrooms and two pools within its 6,100 square feet.
After listing it for $43.9 million last November according to Zillow data, the Douglases achieved a significant appreciation with this sale—representing a price increase of nearly 194 percent from when Glaser acquired it five years ago.
Other recent notable sales include land owned by McDonald’s mogul George Cohon’s family selling for $27.3 million and Fordham University trustee Kim Bepler purchasing another prominent property for $30 million earlier this month.
