Ambrose K. Monell and his wife, Lili Monell, have sold their lakefront home at 635 Crest Road in Palm Beach for $57 million. The transaction was completed off-market during the peak season for real estate activity in the area.
Property records show that the buyer is a trust named after the address, managed by Cameron Casey, a well-known wealth management attorney. Gary Pohrer of Serhant represented the buyer in this deal.
Ambrose K. Monell is known as the grandson and namesake of Ambrose Monell, an industrialist who served as chief metallurgical engineer for Carnegie before becoming president of the International Nickel Company. The elder Monell died in 1921 with an estate valued at $15 million. Ambrose K. Monell currently serves on the board of his family’s foundation established in honor of his grandfather.
The house on Crest Road was last purchased for $3.2 million in 1998. Built in 1950, it covers 6,300 square feet and sits on nearly one acre of land. It features five bedrooms, four bathrooms, one half-bathroom, a pool, and a dock.
In 2021, the Monells also sold an adjacent lot at 625 Crest Road measuring 0.6 acres for $25 million.
Real estate agents note that demand remains high for large estates ready to move into, especially among buyers seeking privacy through off-market transactions.
Recent notable sales include private equity executive Greg Mondre reselling a property earlier this month for $36.3 million after purchasing it for $31 million less than a year ago; Anthony Lomangino acquiring Villa Flora—a historic estate—for $76.7 million; and Michael Chu selling his oceanfront home for $58.3 million in January.
