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Michael Kors chairman pays $7.4M for PB Biltmore condo

Posted On: 06-04-2015

By Darrell Hofheinz Daily News Real Estate Writer

John D. Idol, chairman and CEO of the Michael Kors luxury fashion brand, has paid a recorded $7.4 million for a penthouse in the Palm Beach Biltmore, according to the deed recorded late Wednesday by the Palm Beach County Clerk’s office.

The two-bedroom unit on the 10th floor of the historic building was sold by two residence trusts in the name of Pari-Sima Pahlavi, longtime wife of the late Prince Abdul Reza Pahlavi of Iran. Their son, Prince Kamyar Pahlavi, serves as trustee of the trust.

In 1993, Pari-Sima Pahlavi paid $2.7 million for Penthouse E, which has 3,299 square feet, property records show. She subsequently deeded it to a different trust benefiting Kamyar Pahlavi and his sister, Princess Sarvenaz Pahlavi. The transfer to the most recent trust took place in 2008, about four years after the death of Pari-Sima Pahlavi’s husband.

Listing agent Jeff Cloninger of Sotheby’s International Realty said a confidentiality agreement prevented anyone involved in the sale from discussing it. Agent Liza Pulitzer of Brown Harris Stevens represented Idol, who does not own any other property in Palm Beach County in his name, according to courthouse records.

The condo — one of three apartments on the 1oth floor of the lakefront condominium at 150 Bradley Place — slices through the building east to west, affording direct views of both the Atlantic and the Intracoastal Waterway. The apartment changed hands with a cabana.

Built in 1925, the building opened as a hotel but was converted into condominiums in the late 1970s.

In addition to its Palm Beach location at 226 Worth Ave., Michael Kors has retail locations in cities such as New York, Chicago, London, Milan, Paris and Tokyo.

 

 

Source: Darrell Hofheinz, June 4, 2015, Palm Beach Daily News

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