The family of the late developers Mary and William Ryan has sold their waterfront estate in North Palm Beach’s Lost Tree Village for $25 million, a steep discount from the initial asking price of $37.5 million in August.

The late couple’s daughters, Mary Ryan Buddig and Therese Ryan Rooney, sold the mansion at 11542 Turtle Beach Road to the Meritage Irrevocable Trust, with attorney John T. Carey signing as trustee, records show. The actual buyer is unknown.

K2 Realty’s Paul Kaneb and Compass’ Bill Ryan listed, and K2 Realty’s James Kenny brought in buyers.

Mary and William Ryan co-founded Lombard, Illinois-based Town & Country Homes in 1958 and grew the company into one of the largest homebuilders in the United States. The Ryans and their children led the company until they sold it to Red Bank, New Jersey-based Hovnanian Enterprises for an undisclosed sum in 2005. Builder Magazine ranked Town & Country the 52nd largest builder in the US in 2004, according to Blackstone. According to the press release, Hovnanian estimates that Town & Country will generate $640 million in revenue in the year of the acquisition.

At the time of the acquisition, Hovnanian entered into a joint venture with Blackstone Real Estate Advisors to own and develop the existing residential community in Town & Country, according to Blackstone’s website.

Mary and William Ryan were frequent philanthropists. They donate to the William G. and Mary A. Ryan Center for Cardiac and Vascular Medicine at Loyola University Medical Center and the Mary A. Ryan Endowed Scholarship Fund at St. Mary’s College. William Ryan passed away last January and Mary Ryan passed away last May.

The couple bought the one-acre waterfront estate in 1994 for $2.7 million, records show. They completed the 12,700-square-foot mansion in 1997, according to property records. The listing shows it has 10 bedrooms, 10 bathrooms and 4 1/2 bathrooms. The property also includes a two-bedroom, two-bathroom guest house, a swimming pool, 103 feet of oceanfront and private beach access, according to the listing.

The Ryan family first listed the property for $37.5 million in August and lowered the price to $32 million in March, according to Redfin.

The estate is located in North Palm Beach’s Lost Tree Village, a gated golf community that has attracted big-name buyers over the years, including Visa Chairman and CEO Alfred Kelly, Jr..

Other recent sales in the North Palm Beach luxury market included a November purchase of a waterfront mansion by a financier $10.9 million. The estate of a late food industry magnate ends with $22 million Last March.

Oracle co-founder and billionaire Larry Ellison lists a North Palm Beach property $145 million August, just a few months after his fall $173 million On 16 acres of Manalapan estate.

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