Henry Flagler is long gone, but Palm Beach is still an island of oil wealth.
The heir to the family that once ran Plymouth Oil has sold his late parents’ Palm Beach mansion for $17.1 million to a pair of retail executives who have since become real estate investors on the island.
Records show that Richard C. Cowell Jr. and Christopher T. Cowell sold their home at 240 El Vedado Road to 164 Seminole Xchange LLC, a Florida entity registered with James G. Held.
Held is the former CEO of Home Shopping Network. After leaving retail, he became a prolific real estate investor with partner Palm Beach Construction Commissioner Kenn Karakul.Two build 1-acre estate at 241 Jungle Road, private equity boss Rob Hayvaert Flip to the designer tom ford Sold in December for $51 million.
Cowells is the son of Richard C. Cowell, formerly Dick Cowell, formerly principal of Plymouth Oil. A Palm Beach and New York City socialite in his heyday, he had a brief but failed marriage to Gail Whitney, daughter of Cornelius “Sonny” Vanderbilt Whitney.
Marathon Oil, a descendant of Standard Oil, bought Plymouth Oil in 1962. At the time, Plymouth Oil was one of the largest and most productive independent oil companies in the United States, according to the Texas Historical Association. According to a 1985 Sun Sentinel profile, Cowell went on to run a British West Indies company focused on hospitality and tourism before founding the venture capital group.
He and his third wife, Jacqueline Cowell, were members of the Bath and Racquet Club and the Everglades Club, according to media reports. Records show death certificates were filed this week for Dick and Jacqueline Cowell.
Property records show the couple bought the 0.6-acre home in 1995 for $2.5 million. Built in 1993, the 7,800-square-foot mansion includes eight and a half bathrooms, according to records.
Palm Beach also has its roots in the oil industry. Flagler founded the town in the late 1800’s as a getaway for wealthy Northeasterners and was the founder of Standard Oil.
The luxury home market in Palm Beach has seen some headline-grabbing sales this month.Entity linked to billionaire Thomas Peterffy $25 million this week.Designer Tommy Hilfiger for $41.4 million, for $36.9 million just five months later.The son of a hedge fund founder sold his home last week $14.9 million.
