Former Palm Beach resident Peter D. Cummings , the founder of Ram Realty Advisors, has moved to the other side of the Intracoastal Waterway after purchasing a mansion in West Palm Beach for $12.49 million.
Lawrence Silverstein , formerly a senior VP at NextEra Energy (NYSE: NEE), sold the 8,762-square-foot home at 5407 S. Flagler Drive to trusts in the names of Peter and Julie Fisher Cummings . The price equated to $1,425 per square foot. It was an off-market deal.
Silverstein built the home on the 0.73-acre site along the Intracoastal Waterway in 2018.
The home features five bedrooms, 4.5 bathrooms, a pool, a dock, a balcony, and a dock across the street along the water.
Earlier this month, the Cummings sold their mansion in Palm Beach for $23.79 million. It was slightly smaller than their new home and it wasn’t on the water. That shows buyers can get more value for their dollar in West Palm Beach than in the wealthy town.
Cummings founded Ram Realty Advisors in 1978 and led the Palm Beach Gardens-based company to big commercial real estate deals. In 2015, he stepped down from Ram to start Detroit-based The Platform, which is focusing on building in Detroit.
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South Florida’s Wealthiest ZIP Codes
Ranked by Median household income Rank ZIP Code Median household income 1 33109 $200,577 2 33158 $170,673 3 33149 $151,190 View This List
