The transaction involves a condo located at 1355 South Flagler Drive in West Palm Beach. The property is a three-bedroom penthouse with a price tag of $40 million and spans 11,000 square feet, translating to a price per square foot of $3,636. This unit is part of the under-construction South Flagler House, a luxury project developed by Related Ross, which will consist of 105 units upon completion.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $40,000,000
• Buyer: John Sculley & Diane Sculley
• Seller: Stephen Ross - Related Ross
• Square Footage: 11,000
• Price per Square Foot: $3,636
• Market: West Palm Beach
• Completion Date: 2027
• Project Purchase Price: $194.6 million
• Construction Loan Amount: $600 million
• Units Presold: About 50%

John Sculley, the former CEO of Apple, and Diane Sculley are the buyers in this transaction, while Stephen Ross represents Related Ross, the seller. The South Flagler House is a significant development backed by a hefty construction loan and is positioned as a luxury offering in the West Palm Beach market.