Durst Organization Chairman Nets $15M on Palm Beach Teardown

Douglas Durst, chairman of the New York-based Durst Organization, has completed a lucrative Palm Beach real estate transaction, selling a property at 1333 North Lake Way for $14.9 million to aerospace executive Austin C. Willis.

The buyer, Willis, serves as CEO of Willis Lease Finance Corporation, an aerospace company headquartered in Coconut Creek. The transaction represents a substantial gain for Durst, who acquired the property alongside his wife Susanne for $2.9 million in 2015.

The sold property features a 2,800-square-foot residence constructed in 1956, situated on 0.6 acres with four bedrooms, four bathrooms, and a swimming pool. Despite these amenities, the home was marketed as a teardown opportunity, reflecting the current trend among luxury buyers seeking to build custom estates on prime waterfront locations.

Margit Brandt of Premier Estate Properties represented the sellers in the transaction, while Todd Peter of Sotheby's International Realty brought the purchasing party to the deal. The sale occurred as part of a broader divestiture strategy by the Durst family.

The Dursts had initially pursued a more ambitious development approach, purchasing the adjacent property at 250 Angler Avenue for $1.4 million in 2013. They constructed a 3,500-square-foot residence on that parcel, completing it in 2015. Two years ago, both properties were listed together as an assemblage with an asking price of $29.5 million.

However, the couple ultimately chose to sell the properties separately. In March, they completed the sale of the Angler Avenue home to James and Karen Rooney for $8.4 million. The combined proceeds from both sales totaled $23.3 million, representing a $6.2 million reduction from their initial assemblage asking price.

Douglas Durst leads the Durst Organization, the real estate development company established by his grandfather. The firm has built a substantial portfolio of commercial and residential properties throughout New York City and has expanded its operations into other markets.

This transaction contributes to Palm Beach's active luxury real estate market, which has experienced significant activity during the current selling season. Recent comparable sales include developer Mosie Miller's $30.8 million sale of a renovated waterfront home in April, after acquiring it for $21.6 million in 2023.

The same month witnessed Gary Smith, former chief operating officer of Red Bull, purchasing a waterfront mansion for $55.2 million. Earlier this year, the estate of late fast food executive George Cohon, known for introducing McDonald's to Russia, sold a waterfront lot for $27.5 million.

These transactions underscore the continued appeal of Palm Beach real estate among high-net-worth individuals and business executives seeking luxury coastal properties in South Florida's premium market.