Kevin Douglas, a telecommunications investor and IMAX board member, sold his oceanfront mansion in Palm Beach for $37.1 million, according to records dated Mar. 27. The property at 870 South Ocean Boulevard was purchased by a Delaware entity named after the address, concealing the identity of the buyer.
The sale comes during an active season for high-value real estate transactions in Palm Beach. Christian Angle of Christian Angle Real Estate represented both the seller and buyer in this deal.
Douglas is known as a private investor who built his wealth through early investments in telecommunications via his firm Douglas Telecommunications. He has been IMAX’s largest individual investor and has served on its board since 2016. Douglas also chairs Quantum Fuel Systems based in Lake Forest, California.
The home was previously bought by developer Todd Glaser and partners for $12.6 million in January 2021 before being sold to Kevin and Michelle Douglas six months later for $28.5 million. Built on 0.4 acres in 1987, the house features six bedrooms, seven bathrooms, two half-bathrooms, and two pools across its 6,100 square feet.
After listing the property at $43.9 million last November according to Zillow data, the Douglases achieved a significant return with this sale—representing a price appreciation of nearly 194 percent since Glaser’s purchase five years ago.
This transaction is part of several notable sales this season: George Cohon’s family recently sold waterfront land nearby for $27.3 million; Fordham University trustee Kim Bepler acquired another lakefront home for $30 million; and financier Mark Marcello purchased an estate within the Mar-a-Lago Security Zone for $36 million.
