By Keith Larsen, The Real Deal
The former CEO of Mattel sold an oceanfront estate in Palm Beach for $24.2 million.
Christopher Sinclair and his wife Margaret sold the 8,423-square-foot mansion at 516 South Ocean Boulevard for $2,873 per square foot, records show. A trust tied to Guy Rabideau, an attorney in Palm Beach, bought the home.
Sinclair was the former CEO of Mattel, the maker of Barbie, Hot Wheels and UNO, from 2015 to 2017. He was previously the president and CEO of Quality Food Centers from 1996 to 1998 and prior to that, worked at Pepsi-Cola Co. from 1984 to 1996, where he was chairman and CEO of the company’s worldwide beverage division.
The Sinclairs bought the property in 2013 for $8.7 million and then completed building the house on the half-acre site in 2015, records show. The home has five bedrooms and eight bathrooms.
Jim McCann of Premier Estate Properties, had the listing, according to Realtor.com.
The property features a pool with covered loggias and a built-in spa, a cabana with a bath and a covered patio.
Palm Beach’s high-end real estate market has not seemed to slow down at all since the coronavirus pandemic started. New single-family home sales increased 26 percent to 487 signed contracts in May 2020 from May 2019, according to a recent report from Douglas Elliman.
In June, the Kennedy family’s former Palm Beach compound, where President John F. Kennedy worked on his 1961 inaugural address, sold for $70 million.