Under-renovation house sold for $28.5 million in Palm Beach, deed shows

The developer whose investment group in January paid nearly $13 million for a 1980s-era seaside house in Palm Beach – and then embarked on a renovation for resale — has sold the property while in construction. The price recorded at $28.5 million for the estate at 870 S. Ocean Blvd.

The deal closed Friday, seller Todd Michael Glaser told the Palm Beach Daily News.

The deed lists the buyers as California investor Kevin Douglas and his wife, Michelle, as trustees of the K&M Trust. The couple has an address north of San Francisco in Kentfield, California, the deed shows.

Kevin Douglas founded and is chairman of Douglas Telecommunications, a family investment office through which he manages the Douglas family’s diversified investment portfolio, according to a brief online biographical sketch. His portfolio has included major investments in IMAX Corp., the big-screen film-technology and theater company, where he sits on the board of directors.