Tech chief James Sankey and his wife Beth paid $ 14.7 million for vacant land in Palm Beach where they plan to build a new mansion.
The couple acquired the nearly half-acre site at 125 El Bravo Way from home builder BGS Development, led by Branden G. Smith. Smith has already approved plans to build a 10,000-square-foot five-bedroom home with traditional-style architecture influenced by Bermuda estates, the records show.
Sankey is CEO of InVue, a Charlotte, North Carolina-based software and hardware company specializing in merchandising, security, and networking, according to the company’s website.
In December, the City of Palm Beach Architectural Commission approved plans for the new home submitted by BGS and Courchene Development Group, based in Boca Raton. The property and plans were put up for sale with an asking price of $ 15.9 million, according to records.
Smith acquired 125 El Bravo Way in 2020 for $ 7.1 million from insurance mogul Peter Wood. The property is part of the old Kluge Estate in Palm Beach at 89 Middle Road which has been demolished and subdivided. Smith, who has also worked in real estate in Chicago, New York and Washington DC, has built and sold three specific homes in Palm Beach since 2019.
The Sankeys’ Purchase is the latest high-profile non-waterfront residential sale on Chic Island.
This month, a Delaware entity listing a New York address purchased a mansion at 315 Clarke Avenue for $ 21.5 million. The property had been owned by sellers Peter and Vicki Halmos for 36 years. Halmos was CEO of Fort Lauderdale-based credit card insurance company SafeCard Services in the 1990s.
Last month, Alec Scheiner purchased a non-waterfront home at 249 Sandpiper Drive. The private investor and former chairman of the Cleveland Browns paid $ 6.1 million for the house.
About three miles south, Thomas Iovino, a New York construction company executive, and his wife Judith bought a special mansion at 259 Pendleton Avenue. The couple paid $ 18.4 million, two days before selling another Palm Beach home they owned.