Thomas Iovino, the founder of a construction company, purchased a spec mansion in Palm Beach for $18.4 million.o
According to records, Thomas and Judith Iovino bought the house at 259 Pendleton Avenue from 259 Pendleton PB LLC.
The selling entity is managed by Joseph Taylor and Hilary Budny. Taylor is president and CEO of Monroe Township, New Jersey-based Matrix Development, and Budny is vice president of the company.
The two bought the newly finished house in April for $17.5 million. It was developed by Todd Michael Glaser, Scott Robins, and Jonathan Fryd, who had purchased the property in July 2020 for $6.3 million.
According to Zillow, Taylor and Budny placed the home for $23.9 million less than a week after obtaining it.
The 8,306 Sq Ft. mansion has eight bedrooms and nine bathrooms and features an elevator, a 37-foot lap pool, and a two-car garage. The 0.4-acre property lines up to the Ocean Course at the Breakers and holds a detached two-bedroom, two-bathroom guest house with a kitchen and laundry.
Palm Beach County documents show two days after getting the spec mansion, the Iovinos sold their 3,702 Sq Ft. home at 180 Sunset Avenue for $9.8 million to The Sunset Avenue Trust.