The developer whose expenditure group in January paid nearly $13 million for a 1980s-period seaside residence in Palm Beach – and then embarked on a renovation for resale — has bought the property while in construction. The price recorded at $28.5 million for the estate at 870 S. Ocean Blvd.

The deal closed Friday, seller Todd Michael Glaser instructed the Palm Seashore Every day News.

The deed lists the potential buyers as California investor Kevin Douglas and his wife, Michelle, as trustees of the K&M Belief. The pair has an deal with north of San Francisco in Kentfield, California, the deed reveals.

Kevin Douglas established and is chairman of Douglas Telecommunications, a spouse and children expenditure workplace by which he manages the Douglas family’s diversified financial commitment portfolio, in accordance to a brief on the internet biographical sketch. His portfolio has incorporated main investments in IMAX Corp., the big-display screen movie-technological innovation and theater business, exactly where he sits on the board of administrators.