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The luxury fashion magnate behind the Tom Ford label made a big real estate splash shortly after striking a deal to sell his empire to the Estée Lauder Companies.
Tom Ford purchased a $51 million mansion in Palm Beach a few months after agreeing to sell his brand as part of a deal worth $2.8 billion back in November, according to a new report this week in The Wall Street Journal.
The property was previously purchased for just under $36 million in 2021, the newspaper reported.
Ford purchased the home off-market, and did not reply to the paper’s requests for comment. But a Journal review of PropertyShark records showed the property spans nearly an acre of land and includes approximately 10,000 square feet of living space.
The mansion is located near the ocean, although not directly off it. It’s located near the Breakers resort, according to the report. Aerial images obtained by the paper reveal it is covered with rooftop solar panels and features a large outdoor pool with elaborate landscaping.
The $2.8 billion acquisition of Ford’s brand was the largest in Estée Lauder’s history, The Associated Press reported in November. The deal was expected to close in the first half of 2023, following reviews by regulators.
Ford, the founder and CEO of Tom Ford International, is expected to remain on through the end of the year as the brand’s creative visionary.
The deal should close a little over a year after Ford sold a much larger New Mexico ranch for $48 million. That 20,000-acre desert property was used to film several movies, including Silverado. It included a main concrete house with floor-to-ceiling glass windows as well as a reflective pool, a tennis court and extensive horse stables and equestrian grounds.
