An advertising executive has sold a Palm Beach home for $32.5 million as the area’s real estate season gains momentum, according to information obtained by The Real Deal.
Richard and Linda Schaps completed the sale of their property at 631 Island Drive, with Margit Brandt of Premier Estate Properties representing both sides in the transaction. Brandt declined to comment on the deal. The buyer’s identity has not been disclosed, and the transaction has not yet appeared in public records.
Richard Schaps is known as the founder of Van Wagner Group, a major player in billboard and aerial advertising in the United States. In 2014, Schaps sold Van Wagner’s billboard division to CBS Outdoor for $690 million. He now focuses on sports and entertainment advertising at high-profile events such as the Super Bowl, Olympics, Kentucky Derby, U.S. Open Tennis, and college football playoffs. The company specializes in signage inside stadiums that is visible during television broadcasts.
The Schapses purchased their Everglades Island waterfront home for $7.9 million in 2012. Built in 1961 on half an acre, the house spans 6,800 square feet and includes seven bedrooms, seven bathrooms, three half-bathrooms, a pool, staff quarters, and 130 feet of water frontage with a dock.
The couple initially listed the property for $39.8 million in February on Zillow before reducing it to $37.5 million in September; it went under contract in November. The final sale price is $7.3 million less than their original asking price.
Real estate agents report increased activity this season in Palm Beach County’s luxury market. Over $700 million worth of luxury contracts have been signed so far this month alone. Earlier this month saw L Catterton executive Michael Chu and his wife Elizabeth Chu sell their oceanfront Palm Beach residence for $58.3 million through an off-market transaction. In another similar deal, British investor Pamela W. Starret sold her lakefront estate for $72 million.
