A major deal just went down in Palm Beach. A circa-1928, landmarked mansion designed by acclaimed Palm Beach architect, Maurice Fatio, has changed hands for a staggering $43.25 million with well-known executives on both sides of the sale.
Thomas J. Swan III, the co-CEO of The Swan Group—a Boston-based manufacturing and distribution company dating back three generations—is the buyer. He scooped this pricey paradise from Philip B. Korsant, co-founder of venture capital firm Long Light Capital, and his wife, Catherine N. Korsant.
The Korsants purchased it in 2017 for approximately $13.96 million, according to the Palm Beach Daily News, so to say they made a nice profit is a massive understatement. Why the incredible value increase? It could be a reflection of how Palm Beach, and South Florida in general, has become even more attractive to the ultra-wealthy in recent years for both everyday living and as an investment.
Known as Casa Giravento, the 9,853-square-foot gem is set on a manicured, .86-acre lot minutes from the ocean and iconic Worth Avenue. Behind the property gates, romantic gardens and Mediterranean architecture unfold to create a sense of wonder and grandeur. The new owner can invite guests to stay in the home’s eight bedrooms and utilize sophisticated, vast spaces inside and out for entertaining. In classic Maurice Fatio style, there are multiple loggias for spending time alfresco with coastal breezes rolling in. Of course, a large pool and spa also await for cooling off.
In an area known for its high-net-worth residents, stylish destinations, and exclusive social scene, Swan is sure to enjoy all the prestige that comes with buying an esteemed property like this. Suzanne Frisbie of The Corcoran Group represented the sellers in the sale, while Patricia Mahaney of Sotheby’s international Realty repped the buyer.
