In a significant real estate transaction, billionaire Jeff Greene has sold the landmarked Palm Beach Main Post Office Building to The Breakers resort for $28 million. The off-market deal, recorded on December 26th, marks a further expansion of The Breakers' property holdings in the area.
Greene had acquired the Mediterranean-style building in 2011 for $3.725 million, preserving its historic exterior and lobby. He utilized the interior for his business offices. This sale represents a substantial return on investment and transfers ownership to a key player in the local hospitality sector.
The acquisition is part of a larger, seven-year strategic initiative by The Breakers to revitalize the historic Main Street area, marking the eighth real estate purchase by the resort and its affiliates since 2010. These moves demonstrate a sustained effort to consolidate and enhance their presence in this vital commercial district.
According to a statement from The Breakers, the post office building’s proximity to the resort makes it a valuable addition to their portfolio. While specific plans for the property are still under review, this deal further solidifies their influence on Palm Beach’s Royal Poinciana Way.
This latest transaction adds to the more than $100 million in real estate purchases made by The Breakers in this area, as reflected in county records. This does not include a significant September sale of several other buildings at the east end of Royal Poinciana Way, where specific prices were not publicly recorded.
The property, now owned by The Breakers Palm Beach Inc., will be preserved due to its landmark status, which protects its exterior from significant modifications without approval from the Landmarks Preservation Commission. A request for comment from Greene was not immediately returned.
