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Leonard Riggio, founder of book-store behemoth Barnes & Noble, has landed a buyer for his waterfront property on North Ocean Boulevard in Palm Beach, Florida, The Real Deal reported.
The 8,000-square-foot property that asked $96 million sits on 1.7 acres and is now under contract. Lawrence Moens, of Lawrence A. Moens Associates, held the listing, which was put on the market on June 20, according to Zillow.
A living area overlooking the patio | Zillow
As the island market otherwise rides out its slowest period of the year, it appears that serious buyers are still biting, according to agents. Buyers have been reportedly flying into the area for a day or two to look at properties and make an offer if they see something they like.
As a finite resource, oceanfront properties on the island are extremely coveted. This year, the only such oceanfront sales in Palm Beach have been Playboy Mansion owner Daren Metropoulos’ purchase of a $148 million property in June and Ideavillage founder Anand Khubani’s sale of a one-acre lot in April for $85 million.
According to the listing description, the Riggio home includes seven-and-a-half bathrooms and five bedrooms. The primary suite features a large sitting room and private gym, and the home also includes a separate apartment for staff.
The home’s kitchen | Zillow
Riggio and his wife, Louise Riggio, purchased the property in 2003 for $14 million, according to records, and conducted a renovation shortly thereafter. In 2009, the couple purchased an adjacent, quarter-acre lot for $1.4 million.
Once the deal for the property on North Ocean Boulevard closes, the Riggios will still own a property in Palm Beach County. Louise Riggio purchased a home in the village of Wellington for $8.1 million in June, The Real Deal reported.
The couple’s primary residence, however, is at 720 Park Avenue in New York City. They also own a sweeping, 13-acre estate in the Hamptons where the couple displays their extensive sculpture collection, according to The Wall Street Journal.
A bedroom overlooking the ocean | Zillow
Leonard Riggio began working in book sales when he was hired as a clerk at New York University’s bookstore while studying there part-time in the 1960s. Eventually, Riggio decided he could run a better business than NYU and decided in 1965 to launch a competing book store, Student Book Exchange, after dropping out of the university, according to Entrepreneur.
The store did so well that Riggio was able to use the profits to open four more college bookstores throughout the city. By 1971, Riggio was able to secure a loan for $1.2 million to purchase the then-floundering Barnes & Noble on Fifth Avenue. In an age when brick-and-mortar bookstores have faced increasing challenges to their business, Barnes & Noble has largely remained resilient.
Riggio retired from his position as executive chairman of the company in 2016.
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