An advertising executive has sold a Palm Beach property for $32.5 million as the area’s real estate season gains momentum, according to information obtained by The Real Deal.
Richard and Linda Schaps completed the sale of their home at 631 Island Drive. Margit Brandt of Premier Estate Properties represented both parties in the transaction but did not provide any comments. The identity of the buyer has not been disclosed, and the deal is not yet reflected in public records.
Richard Schaps is known for founding Van Wagner Group, a leading firm in billboard and aerial advertising across the United States. In 2014, he sold Van Wagner’s billboard division to CBS Outdoor for $690 million. Schaps currently focuses on sports and entertainment advertising at major events such as the Super Bowl, Olympics, Kentucky Derby, U.S. Open Tennis, and college football playoffs. The company specializes in creating signage within stadiums that is visible to television audiences.
The Schapses purchased their waterfront property on Everglades Island for $7.9 million in 2012. The house was built in 1961 on half an acre and measures 6,800 square feet. It includes seven bedrooms, seven bathrooms, three half-bathrooms, a pool, staff quarters, and features 130 feet of water frontage with a dock.
The couple listed the home for $39.8 million in February on Zillow before reducing it to $37.5 million in September; it went under contract in November. The final sale price is $7.3 million less than the initial listing.
Real estate agents have noted increased activity this season in Palm Beach County’s luxury market. So far this month, over $700 million worth of high-end contracts have been signed locally. Notable recent transactions include L Catterton executive Michael Chu and his wife Elizabeth selling their oceanfront home for $58.3 million and British investor Pamela W. Starret selling her lakefront estate for $72 million—both through off-market deals.
