A company linked to private-equity firm Silver Lake has sold for a recorded $36.25 million a Palm Beach oceanfront house it bought for $31 million in March 2025. That’s a hefty return of $5.25 million in less than year.
The seller listed on the deed is 1160 NOB LLC, a limited liability company with a name that nods at the property’s North End address at 1160 N. Ocean Blvd. Public records tie that company to Silver Lake, which is headed by billionaires Greg Mondre and Egon Durban as co-CEOs and managing partners.
The Palm Beach Daily News is the first media outlet to report the sale.
In October, a similarly named Silver Lake-affliliated company paid $58 million for a vacant oceanfront lot down the street at 965 N. Ocean Blvd.
The 1160 North Ocean Land Trust was on the buyer’s side of the sale 1160 N. Ocean Blvd., according to the deed recorded Feb. 6. Real estate attorney Jessica M. Shapiro of the Gunster law firm in West Palm Beach acted as trustee. and signed a $19.8 million, 30-year mortgage on the property with JPMorgan Chase bank, courthouse records show.
Shapiro declined to discuss the sale.
Because of privacy rules governing trusts, no other information about anyone behind the trust that bought the house was available in public records.
The property at 1160 N. Ocean Blvd. stands at the corner of El Pueblo Way, about a half-mile north of the Palm Beach Country Club. The land measures four-fifths of an acre, including a separate beach parcel with 150 feet of shoreline on the east side of the coastal road.
Built in the early 1990s, the seven-bedroom residence and its separate pool house together have nearly 8,000 square feet of living space, inside and out.
Representing the seller’s side of the deal were lead agent Marley Goodman Overman of Illustrated Properties and agent Gary Pohrer of Serhant, the multiple listing service shows. They had listed the house in September at $39.5 million.
Pohrer also acted for the buyer in the sale that just closed. He and Overman declined to comment.
Overman and Pohrer also represented the buyer in the March sale and in the October purchase of the vacant lot down the street. When the house changed hands in March, Pohrer was affiliated with Douglas Elliman Real Estate.
The company that sold the house had bought it from longtime real estate investor and Palm Beach resident Paul L. “Jay” Maddock Jr. — a descendant of one of the island’s original pioneer families — and his wife, Cynthlen “Lynn“ Maddock. The couple built the residence as a custom home.
The Maddocks downsized to a house nearby, property records show.
In the just-closed sale at 1160 N. Ocean Blvd., Eric Moody signed the deed as manager of the company that sold the property. Public records link him to Silver Lake.
It’s unclear if the buyer will update the home or raze it to build anew, but the sales listing suggested those scenarios as alternative options.
Whatever the buyer’s goals, the property offered “the rarest opportunity” to buy an estate “with the largest private beachfront parcel on the North End,” the sales listing said.
The house has “high ceilings and expansive windows that flood the home with natural light and frame wide ocean views,” the latest sales listing said.
In the March sale, the listing was held by Sotheby’s International Realty agents Judge Moss and John Dewing. Dewing’s mother is Lynn Maddock.
In the October purchase of the vacant lot at 965 N. Ocean Blvd., the seller was Stock Development of Naples, on Florida’s west coast. That company had tried unsuccessfully to win Town Hall approval for a mansion it wanted to develop on speculation on the property. The empty lot measures 1.2 acres with 150 feet of direct shoreline near the Palm Beach Country Club.
The sale of 965 N. Ocean Blvd. saw broker Lawrence Moens of Lawrence A. Moens Associates as the listing broker who negotiated opposite Marley and Pohrer.
(This story was updated to add new information.)
This is a developing story. Check back for any updates.
Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call 561-820-3831 or tweet @PBDN_Hofheinz. Support our journalism. Subscribe today.
This article originally appeared on Palm Beach Daily News: Oceanfront estate flipped for $36.25M on Palm Beach’s North End
Reporting by Darrell Hofheinz, Palm Beach Daily News / Palm Beach Daily News
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