Former Apple CEO John Sculley and his wife, Diane Sculley, are under contract to purchase a $40 million penthouse at South Flagler House, an under-construction luxury condominium in West Palm Beach. The project is being developed by Related Companies, led by chairman Steve Ross.
The couple’s new unit will have three bedrooms and span 11,000 square feet. It will include a media room and two offices. Architect Tony Ingrao has been hired to oversee the design of their condo.
Previously, the Sculleys sold their house at 1214 North Ocean Boulevard in Palm Beach for $37 million after initially listing it for $54.9 million. They had considered adding nearly 3,000 square feet to that property but decided against it due to the lengthy construction timeline. Diane Sculley told the Wall Street Journal: “It was going to take us three to four years to build what we wanted to build,” she said. “And we looked at each other, and we just didn’t have the desire.”
South Flagler House is planned as a two-tower development with 28 stories and 105 units priced from $7.9 million up to $73 million. Designed by Robert A.M. Stern Architects, amenities will include private dining rooms, catering kitchens, wine rooms, game rooms, teen rooms, playrooms, libraries and media rooms. Wellness facilities such as pickleball courts, a golf simulator and a salon are also planned.
Related acquired the 3.4-acre site for $194.6 million in 2023 and began sales that year. In June 2024, Steve Ross secured $600 million in construction financing from Bank OZK for the project (https://therealdeal.com/miami/2024/06/13/relateds-steve-ross-closes-on-600m-loan-for-south-flagler-house-in-west-palm-beach/). Construction is expected to finish in 2027.
Sources indicate that about half of South Flagler House’s units are already presold.
West Palm Beach currently has more than a dozen condo projects in progress with over 2,000 units planned or under construction (https://therealdeal.com/miami/west-palm-beach-condos-development-pipeline-map/). Other notable developments include Kenneth Baboun’s Alba Palm Beach—set for completion this spring—as well as Terra and Sympatico Real Estate’s Mr. C Hotel & Residences West Palm Beach project which received a $285 million loan last August (https://therealdeal.com/miami/2023/08/21/mr-c-hotel-residences-west-palm-beach-lands-285m-construction-loan/) . Kolter Group and Perko Development Partners also recently launched sales for Maison d’Or condos.
