Updated Feb 23, 2026
Lauren & Donald Fornes Purchase Dutch Colonial Home In Palm Beach For $16.97M
242 Tangier Avenue
$16,970,000
$3,058/SF
Building Size
5,548 SF
Asset Type
Single Family
Closing
Feb 17, 2026
About this deal
AI
A Dutch Colonial-style home located at 242 Tangier Avenue in Palm Beach has been sold for $16,970,000. The property spans 5,548 square feet and is situated on a 0.32-acre lot, resulting in a price per square foot of approximately $3,059.
Summary of transaction details:
- Property Type: Single Family
- Transaction Amount: $16,970,000
- Square Footage: 5,548
- Price per Square Foot: $3,059
- Address: 242 Tangier Avenue
- Market: Palm Beach
- Buyer: Lauren & Donald Fornes
- Seller: Julie & Thomas F. Frist III
- Buyer's Representative: Heather Woolems Rogers - Sotheby's International Realty
- Seller's Representative: Crista Ryan - Tina Fanjul Associates
The transaction involved investment manager Thomas “Tommy” F. Frist III selling the residence to entrepreneur Donald Fornes. The home features designer architectural details and poolside loggias, enhancing its appeal in the luxury market.
On the Map
$16,970,000
$3,058/SF
Single Family
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93