Gary Smith, the former chief operating officer of Red Bull, and his wife, Kaylnn Smith, purchased a waterfront mansion in Palm Beach for $55.2 million, according to records dated April 8. The couple acquired the property at 1610 North Ocean Boulevard from Bryan and Serena Mattson.
The sale highlights continued interest in luxury real estate in Palm Beach. The high price reflects ongoing demand for move-in ready waterfront homes on the island.
The sellers had listed the mansion for $65 million in September, with Zillow showing that the final sale price equates to about $6,794 per square foot and represents a 116 percent increase since its last sale. The Mattsons bought the home for $25.5 million in 2019; Bryan Mattson is a portfolio manager with Lombard Odier Asset Management.
Built by Frisbie Group in 2018 on nearly one acre of land, the residence spans about 8,100 square feet and includes five bedrooms, eight bathrooms, two half-bathrooms, a pool and dock. Additional features include two guest houses, a staff kitchen and a library.
Margit Brandt with Premier Estate Properties represented the sellers while Todd Peter with Sotheby’s International Realty brought the buyers. Brandt said: “South Florida hasn’t seen any kind of slowdown,” adding that she expects strong activity through early summer.
Recent sales on Palm Beach’s North End have also attracted attention from agents and buyers alike this season. Last month saw several notable transactions: George Cohon’s family sold a waterfront lot for $27.5 million; Kim Bepler bought a lakefront home for $30 million; financier Mark Marcello paid $36 million for an estate within Mar-a-Lago Security Zone.
Gary Smith began his career as an executive at Pepsi before joining Red Bull as COO in 2000; he left Red Bull in 2007 and later co-founded New Providence—a New York-based consumer sector special purpose acquisition company (SPAC). Kalynn Smith became a partner at New Providence in 2022.
