Former Apple CEO John Sculley and his wife Diane are under contract to purchase a $40 million penthouse at South Flagler House, a luxury condominium project currently being developed in West Palm Beach. The deal was first reported by the Wall Street Journal.
The South Flagler House development is led by Related Companies, with billionaire chairman Steve Ross at the helm. The planned towers are located at 1355 South Flagler Drive. In recent months, Related has increased its marketing efforts for the project, reaching out to top agents from Palm Beach to attract buyers.
Previously, John and Diane Sculley sold their home at 1214 North Ocean Boulevard in Palm Beach for $37 million after initially listing it for $54.9 million. They had considered expanding that property but ultimately decided against it due to the lengthy construction timeline.
“It was going to take us three to four years to build what we wanted to build,” Diane Sculley told the Journal. “And we looked at each other, and we just didn’t have the desire.”
The new unit at South Flagler House will cover 11,000 square feet and feature amenities such as a media room and two offices. Architect Tony Ingrao has been hired by the couple for the condo’s design.
South Flagler House is recognized as the most expensive new development condo currently on the market in West Palm Beach. The project consists of two towers rising 28 stories with a total of 105 units priced between $7.9 million and $73 million. Designed by Robert A.M. Stern Architects, residents will have access to various amenities including private dining areas, a wine room, game rooms for different age groups, library spaces, wellness facilities, pickleball courts, a golf simulator and a salon.
Related Companies acquired the 3.4-acre site for $194.6 million in 2023 and began sales that year. In June of this year, Steve Ross secured $600 million in construction financing from Bank OZK for the project’s completion scheduled in 2027.
While Related has not disclosed specific sales figures for South Flagler House publicly, sources familiar with the matter estimate that about half of the units are already under contract.
South Flagler House is one of more than twelve condominium projects underway or planned in West Palm Beach; collectively these projects represent over 2,000 residential units currently in development across the city.
Other notable developments include Alba Palm Beach—a 22-story building expected to finish construction this spring—and Mr. C Hotel & Residences West Palm Beach which received substantial financing last August. Sales have also recently begun for Maison d’Or condos by Kolter Group and Perko Development Partners.
