Communications exec buys Delray Beach mansion for $14.3M

Communications exec buys Delray Beach mansion for $14.3M

Edward Farscht , the CEO of Springfield, New Jersey-based Diamond Communications, and his wife, Lynn Jaeger , paid $14.3 million for an oceanfront mansion in Delray Beach.

Thomas W. and Laurie Cunnington , who are both partners of Bloomfield Hills, Michigan-based energy consulting company Cunnington, sold their homestead property of 6,387 square feet at 733 N. Ocean Blvd. Natalie Poletto of One Sotheby’s International Realty represented the sellers in the deal. The price equated to $2,239 a square foot.

The home last sold for $7 million in 2012, so it more than doubled in value. That reflects the strong demand for oceanfront property in Palm Beach County as more wealthy people move to the area.

Built on the 0.45-acre lot in 1992, the home features seven bedrooms, 6.5 bathrooms, Miele and SubZero appliances, a pool, and a balcony.

Thomas Cunnington is the former CEO of Ward Williston Oil Co., also based in Bloomfield Hills, Michigan, and Laurie Cunnington is the former president of that company.

As for the buyer, Farscht founded Diamond Communications in 2006 to own and develop wireless communications towers.

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