A Luxurious Oceanfront Escape: The Sale of a Palm Beach Estate

In a remarkable real estate transaction, an oceanfront estate in Palm Beach has changed hands for a staggering $48.5 million. This sale, which took place after just three months on the market, highlights the allure of luxury living in one of Florida’s most prestigious locales. The property, located at 1519 North Ocean Way, was purchased by Duane and Kelly Roberts, a couple known for their entrepreneurial ventures, including the invention of the frozen burrito.

The Property: A Glimpse into Luxury

The estate, originally built in 1936, spans an impressive 9,100 square feet and boasts nine bedrooms, eleven bathrooms, and one half-bathroom. Set on a sprawling 1.8 acres of prime oceanfront land, the mansion features a pool, staff quarters, and even a music room, making it a perfect retreat for those who appreciate both comfort and elegance. The previous owner, Edward Mulé, listed the property for $54.9 million in February, reflecting the high demand for luxury real estate in the area.

The Seller: Edward Mulé

Edward Mulé, the founding partner and CEO of Silver Point Capital, a hedge fund based in Greenwich, Connecticut, acquired the mansion for $15 million in 2019. His tenure as the owner saw the property undergo significant appreciation, culminating in its recent sale. Mulé himself resides in a lavish 16,400-square-foot mansion in Greenwich, which has been on and off the market, with asking prices reaching as high as $35 million.

The Buyers: Duane and Kelly Roberts

Duane Roberts, the new owner of the Palm Beach estate, is perhaps best known for his innovative contributions to the food industry. As the inventor of the frozen burrito, Roberts transformed his family’s business, Butcher Boy Food Products, which originally supplied meat to early fast-food chains like McDonald’s. Under his leadership, the company pivoted to focus on Mexican cuisine, achieving annual revenues of $80 million before he sold it in 1980.

In addition to his food ventures, Roberts has made a name for himself in the hospitality industry. He purchased the historic Mission Inn Hotel & Spa in Riverside, California, in 1992, a venue rich in history and notable for hosting several high-profile events, including the wedding of Richard and Pat Nixon.

A Notable Couple

Duane and Kelly Roberts are not just business moguls; they are also prominent figures in their community. Kelly Roberts was nominated by President Donald Trump to serve as the ambassador to Slovenia, although she later withdrew her name from consideration. The couple has deep roots in Laguna Beach, California, where they have resided for many years.

The Trend: Californians Moving to Palm Beach

The Roberts’ purchase is part of a larger trend of wealthy Californians relocating to Palm Beach. This migration reflects a growing interest in the luxurious lifestyle and favorable climate that Florida offers. The Roberts are among several high-profile buyers who have recently made significant investments in the area, including Andrew Farkas, who sold his oceanfront mansion for $51.4 million, and billionaire Ric Elias, who closed on his estate for $73 million.

Conclusion

The sale of the Palm Beach estate for $48.5 million not only underscores the booming luxury real estate market in Florida but also highlights the diverse backgrounds of its new residents. As more affluent individuals seek refuge in this coastal paradise, the allure of Palm Beach continues to grow, promising a vibrant future for both its properties and its community.