Ex-Alliance Bernstein Chief Pays $19.4M for Bristol Condo
Former investment firm executive Lew Sanders purchased a waterfront unit in West Palm Beach's Bristol tower for $19.4 million, marking the city's highest condo sale this year. The transaction represents an 87 percent value increase over eight years.
Former AllianceBernstein chairman Lew Sanders and his wife Alice completed West Palm Beach's most expensive condominium purchase of the year, acquiring a Bristol tower unit for $19.4 million. The waterfront property at 1100 South Flagler Drive spans 5,700 square feet and features four bedrooms, four full bathrooms, and one powder room.
Sanders served as CEO and chairman of AllianceBernstein, the New York-based investment management firm, from 2005 to 2008. Following his departure, he established Sanders Capital in 2009, which now manages $122 billion in assets according to industry reports.
The sellers, Raymond and Linda Golden, originally purchased the unit in 2018 for $10.4 million, setting a West Palm Beach condominium record at that time. Raymond Golden previously held executive positions at Salomon Brothers investment bank and CBRE-owned developer Trammell Crow Company. The couple initially listed the property for $25.5 million in April 2023 before reducing the price to $23.5 million by October.
This sale generated an 87 percent appreciation over the eight-year ownership period. Samantha Curry of Douglas Elliman represented the sellers, while Kevin Condon of Sotheby's International Realty brought the buyers to the transaction.
The Sanders family maintains an extensive South Florida real estate portfolio. Their primary residence consists of a 3.5-acre oceanfront compound at 615 North County Road in Palm Beach, purchased for $24.9 million in 2005. They constructed a 16,400-square-foot mansion on the property in 2021, complete with eight bedrooms, 12 bathrooms, and two swimming pools. The couple also acquired a townhome at 466 South Ocean Boulevard in Palm Beach for $26.7 million in 2023.
While the Sanders transaction represents 2024's highest West Palm Beach condominium sale, it falls short of the Bristol building's record. The estate of late Boston real estate developer Gerald Fineberg sold his penthouse unit in the same tower for $28 million during 2024.
The Bristol tower continues attracting ultra-high-net-worth buyers as waterfront development transforms West Palm Beach into a luxury destination. Industry observers view Flagler Drive as an emerging corridor for premium residential sales, with developers positioning new projects to capture demand from wealthy buyers seeking South Florida coastal properties.
Penthouse units in nearby developments command even higher prices, including a $78.9 million listing from the estate of Matrix Essentials founder Sydell Miller. If completed near asking price, this transaction would establish a new Palm Beach County condominium record, surpassing the $70 million asking price for Related Ross' under-construction South Flagler House penthouse.
