Royalton Group, the global luxury property developer, is delighted to confirm the purchase of one of the most desirable sites in the USA in the exclusive Town of Palm Beach for $43.5million.

The Royalton Group, which currently has over $1billion of property under development across the world, is jointly owned by global insurance entrepreneur Peter Wood and CEO Ken Parker. Mr Wood has close ties to the Palm Beach community; he currently owns a home on Clarke Avenue and has regularly visited the island for more than 30 years. Ken Parker, who founded the company in 1999 brings a wealth of experience in designing and building some of the most beautiful luxury homes in the world with a reputation for excellence on all his projects.

The Palm Beach site comprises three plots, including ocean front lots at 530 and 540 South Ocean Boulevard. The third lot, at 61 Middle Road completes the site, which is situated in close proximity to Worth Avenue in the heart of Palm Beach.

Royalton Group currently plans to build a custom home at 540 South Ocean Boulevard and to successfully develop another home on the existing vacant land at 530.

Both Mr. Wood and Mr. Parker have spent considerable time studying Palm Beach architecture and are looking to reflect and enhance that architecture in building the houses at both 530 and 540 South Ocean Boulevard. Harold Smith of Smith and Moore Architects have been appointed as Royalton Group’s architects in Palm Beach.

Mr. Wood and Mr Parker and Royalton Group are excited about developing both lots; however, they are aware that, given the exception location of 530 and 540 South Ocean Boulevard, as well as the lack of ocean front inventory in Palm Beach, the 530 lot specifically may attract significant interest from qualified buyers. Royalton Group would potentially consider offers for the 530 property and would be inclined to include the plans for the property in any purchase.

The existing home at 61 Middle Road will be marketed for sale as a stand-alone property by Barrett Welles Property Group of Palm Beach.

About Peter Wood:

Peter Wood is one of the world’s most successful entrepreneurs, having founded seven insurance companies including insurer esure in the UK in 2000, which floated on the London stock exchange in 2013 with a market capitalisation in excess of £1billion. Prior to that, Mr. Wood founded Direct Line in the UK in 1985 which went on to become the largest private motor insurer in the UK, he retired as Chairman 1997. He also founded Privilege Insurance with the Royal Bank of Scotland, plus two insurance companies in the US and another in Europe in Spain.

Peter Wood also holds positions as Chairman of insurer esure Group plc in the UK, and as Non-Executive Director of insurer Plymouth Rock in the US. He is a significant shareholder in both companies.

About Ken Parker:

Ken Parker, CEO founded Royalton in the UK in 1999 and has established a reputation and excellence in building ultra high-end luxury properties in the UK in and around London over the past 15 years. His wealth of experience and attention to detail has delivered homes built to intuitive designs that balance timeless elegance with contemporary chic. Royalton properties include the best cutting edge technology and the finest furniture and most desirable materials from around the world. Perfection underpins all of the Royalton Group’s work.

Advisers

Royalton Group is advised on the acquisition and development of the property by Greg Young, Partner of Law Firm Squire Sanders (US) LLP. John Pickett, the Palm Beach Broker Agent of Barrett Welles guided Royalton Group and its principals on the purchase. Harold Smith of Smith and Moore Architects have been appointed as Royalton Group’s architects in Palm Beach.