A couple of lawyers sold their waterfront home in West Palm Beach for $16 million, nearly double the asking price last year.
Records show that Kimberly Sorrentino and Lawrence Rolnick sold the home at 3240 North Flagler Drive to RRG QOZB LLC, a Delaware corporation. The true buyer is unknown.
Elizabeth DeWoody of Compass represented the sellers and William Sarnie of Simon Isaacs Real Estate brought the buyer.
Sorrentino and Rolnick are both attorneys from New Jersey. In 2015, the couple was awarded $1 million in a lawsuit against the city of Westfield, NJ, over the controversial arrest of Rolnick, the couple’s son Austin Rolnick, and a friend on New Year’s Eve 2009, NJ.com reported. The suit cleared all charges.
The family has since moved to South Florida and has invested in multi-family real estate in Palm Beach County.
The couple bought the 7,692-square-foot, five-bedroom, six-bathroom home in June last year for $8.2 million, records show. The property is spread over .4 acres across from the Palm Beach Country Club. Built in 2007, the home is listed as including a deep water dock, pool, elevator and guest accommodations with kitchens.
DeWoody said the price increase was a product of market conditions.
“My client bought right and sold right,” she said.
Sorrentino and Rolnick also own the home at 160 Woodbridge Road in Palm Beach, which they bought for $8.9 million in 2015 from Donald Trump’s nephew David Desmond and his wife Lisa, on the street from Trump’s Mar-a-Lago Club. The property comprises a five bedroom main house and a two bedroom guest house.
A year ago, a $16 million sale for West Palm Beach would have been record-breaking. Long the less expensive neighbor of Palm Beach, where waterfront real estate regularly sells for more than $30 million, pandemic migration and business relocations to “Wall Street South” have sparked a price jump for waterfront real estate in the area.
A waterfront mansion in West Palm Beach sold for $15.9 million last September, a record at the time.
Shortly thereafter, shoe mogul Marc Fisher bought a $10.5 million waterfront mansion in West Palm Beach. In July, Related Group bought a waterfront property in West Palm Beach from the widower of a Standard Oil heiress for $16 million.