Retired attorney Edwin L. Phelps , who founded the Educational Services Institute, and his wife, Linda M. Phelps , have sold their Palm Beach mansion.
The 6,788-square-foot home at 255 Wells Road was purchased for $16.58 million by 255 Wells Road LLC, managed by West Palm Beach attorney Maura Ziska . It’s not clear who ultimately owns the LLC. New York City-based Goldman Sachs Bank USA provided an $11 million mortgage to the buyer.
The price for the off-market deal equated to $2,443 per square foot.
The British Colonial-style home was built on the 0.42-acre site by the Phelpses in 2014. It was their homestead property.
The home features five bedrooms, 6.5 bathrooms, a wet bar, an office, a loggia and a pool. It’s one lot west of the Intracoastal Waterway.
There has been a surge in home sales in Palm Beach this year and prices are rising to new levels.
