[dropcap]S[/dropcap]ir Peter Wood got $6.99 million for selling the first of five lots in Palm Beach he subdivided from the estate of late billionaire John Kluge.
Wood sold the 20,361-square-foot lot for approximately $343 per square foot to a Palm Beach couple who own an oceanfront home adjacent to the lot.
The lot had been listed for sale with a $7.95 million asking price.
The new owners are Thomas D. and Mary Alice O’Malley, who reside at 101 El Bravo Way.
The former John Kluge estate is located at the corner of El Bravo Way and South County Road.
Wood bought the former John Kluge estate for $39 million in 2016 from the billionaire’s alma mater, Columbia University.
John Kluge bequeathed the 5.12-acre property to the university before he died in 2010.
Wood is marketing the remaining four lots at asking prices that range from $6.89 million to $14.5 million. [Palm Beach Daily News] — Mike Seemuth
This post originally appeared on therealdeal.com