A health care entrepreneur picked up a home in the Old Palm Golf Club in Palm Beach Gardens for more than three times what its sellers paid three years ago.
Nitin Sahney, founder and CEO of Indiana-based PharmaCord, and his wife Michele paid $8.8 million for the 6,400-square-foot home at 11733 Valeros Court, records show.
Seller John Ciardullo bought the property for $2.7 million in 2019, adding his wife Evelyn to the deed earlier this year, according to records. The four-bedroom, five-bathroom, which sits on 0.6 acres, was built in 2006.
The home has obviously had some work done since then. Shoreline Building Group LLC filed a construction lien against the property and John Ciardullo on Sept. 16, the same day the deed was filed, stating that he owes the West Palm Beach-based construction company nearly $72,000 for work completed between February and July.
Daniel Leiva, founder of Shoreline Building Group, could not immediately be reached for comment.
Prior to founding PharmaCord, Sahney was CEO of Omnicare, a pharmacy business acquired by CVS for $12.7 billion in 2015. He’s among a growing number of luxury buyers taking an interest in Palm Beach Gardens and its gated golf communities. Brokers say homes in inland Palm Beach County have long been undervalued, and that the market is just beginning to catch up.
A New York-based hedge fund manager bought a double-lot mansion in Old Palm Golf Club in July for $22.5 million, a record sum for the community.
Palm Beach Gardens’ waterfront market has also been strong in recent months. Local developers Robert and Myron Miller, a father and son duo, bought a waterfront mansion for $11 million in August, only to immediately relist it for $13.9 million.
Brokerages have noticed the uptick. Corcoran recently opened an office in Palm Beach Gardens, planning to focus on the city and its neighbors in the northern parts of Palm Beach County.