Palm Beach home sale could set new record for closing price

Beauty mogul Sydell Miller is under contract to sell her sprawling Palm Beach estate for a new record – beating the previous $110 million record set earlier this summer.

It looks like Miller, who with her late husband sold their hair and beauty products line Matrix Essentials to Bristol Myers Squibb in 2005, is downsizing. She paid nearly $43 million for a full floor at the Bristol in West Palm Beach earlier this year.

Her 4.3-acre property at 1415 South Ocean Boulevard is under contract for a price rumored to exceed the amount paid for the neighboring property at 1295 South Ocean Boulevard, according to a source. The Palm Beach Daily News first reported the latest record sale.

Among other philanthropic activities, Miller and her daughters made a $70 million donation to the Cleveland Clinic in 2005, the same year Miller sold her company to the pharmaceutical company Bristol Myers Squibb.

Her Palm Beach estate has 10 bedrooms, nearly 35,000 square feet of under-air square feet, 350 feet of oceanfront and about 230 feet of water frontage on the Intracoastal.

Lawrence Moens of Lawrence A. Moens Associates and Christian Angle of Christian Angle Real Estate are the brokers, according to the newspaper.

The estate of the late Terry Allen Kramer, a Broadway producer who died earlier this year, sold her mansion at 1295 South Ocean Boulevard in June for more than $110 million, a price that includes agent commissions.

That deal beats a previous record of $95 million when now-President Trump sold the estate at 515 North County Road to Russian billionaire Dmitry Rybolovlev in 2008. Rybolovlev split the lot into three and has been selling them off. [Palm Beach Daily News] — Katherine Kallergis