Chicago CEO Buys Palm Beach Mansion
Suncast CEO Thomas Tisbo has purchased the Palm Beach mansion owned by Chicago real-estate developer Fred Latsko, according to the Palm Beach Daily News.
Mr. Tisbo heads the Batavia, Ill.-based lawn and garden manufacturer as well as other ventures.
Mr. Latsko sold the property for $17.5 million, which is $4 million more than when he purchased it a year ago.
The property wraps around the southwestern tip of Everglades Island, a narrow strip of land off of Palm Beach on the Intracoastal Waterway, with 380 feet of private waterfront.
Mr. Latsko purchased the mansion through three limited-liability companies last April for $13.5 million with plans to tear down the house and build anew, a broker who handled both sides of the transaction, told the newspaper. “He got the demolition permit from the town but it was just a question of timing; he couldn’t pass up the offer, it was too good.”
Mr. Tisbo and his wife, Jeannie, who runs Tequestrian Farms, a Florida horse-breeding farm, also are expected to tear down the mansion.
Source : ~ Shia Kapos ~ Crains.com