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Aviation heirs sell lakefront Palm Beach mansion for $39M

8,600 sf home listed for $45M in November

Aviation heirs Gary and Darlene Yelvington sold their family’s lakefront Palm Beach mansion for $39 million in an off-market deal.

Heidi Wicky of Sotheby’s International Realty represented the sellers, and Margit Brandt of Premier Estate Properties brought the buyer.

Gary and Darlene Yelvington inherited the property from their late parents, Conrad and Margaret Yelvington, who both died in 2019. Conrad Yelvington was the founder of Conrad Yelvington Distributors, one of the country’s largest distributors of aggregate building materials, including limestone, gravel and sand. Ireland’s CRH, a global construction giant, acquired Conrad Yelvington Distributors in 2007 as part of four acquisitions totaling $350 million, Reuters reported.

Conrad Yelvington also founded Yelvington Jet Aviation, a private jet terminal at Daytona Beach International Airport. Gary Yelvington remains involved in leadership of both of his late father’s enterprises.

The elder Yelvingtons bought the lakefront Palm Beach property for $3.6 million in 2004, records show. They built the 8,600-square-foot mansion on 0.7 acres in 2007. The home has six bedrooms, seven bathrooms, one half-bathroom, a pool and a dock, according to property records.

The siblings listed the mansion for $45 million in November, and dropped the price to $42 million in March before delisting it earlier this month, Realtor.com shows.

The deal marks the latest in a string of pricey sales on the island. Agents say Palm Beach’s busy season was delayed this year, but record deals are happening just the same. Tarpon Island, Palm Beach’s most expensive home on the market at $187.5 million, found a buyer in March. The sale, once closed, will likely mark a price record for lakefront homes.

Also this month, interior designer Victoria Hagan and her media mogul husband Michael Berman sold a renovated non-waterfront estate for $60.4 million. In another eight-figure sale, Ideavillage founder Anand Khubani sold a 1-acre oceanfront lot for $85 million in April. Earlier this month, spec builder Malasky Homes sold a non-waterfront mansion for $43.7 million.

Source: https://therealdeal.com/miami/2024/05/06/aviation-heirs-sell-lakefront-palm-beach-mansion-39m/