Two significant Palm Beach property transactions, one for $16 million and another for $19 million, have been revealed to be interconnected. Investment managers Victor and Julia Tolkan were involved in both deals, selling a recently purchased home at a loss while simultaneously acquiring a historic property.
Key Takeaways
- Investment managers Victor and Julia Tolkan sold a Palm Beach house for $16 million, a $700,000 loss from their purchase price just four months prior.
- The Tolkans simultaneously purchased a landmarked home at 210 El Brillo Way for $19 million.
- The $16 million property on Australian Avenue has seen multiple ownership changes since its 2017 construction.
- The newly acquired El Brillo Way residence, designed by Marion Sims Wyeth, holds historical landmark status.
The Australian Avenue Sale
Investment managers Victor K. and Julia A. Tolkan sold their four-bedroom property at 449 Australian Avenue for $16 million. This sale represents a loss of $700,000, as they had purchased the furnished home for $16.7 million in December 2025. The property, built on speculation in 2017, has changed hands six times. The buyers in this transaction were investor and car collector Chris Cox and his wife, Ann.
The El Brillo Way Acquisition
In a related transaction, the Tolkans acquired a landmarked house and guesthouse at 210 El Brillo Way for $19.01 million. This historic Mediterranean-style residence, designed by Marion Sims Wyeth and built in 1929, was granted landmark protection in 1979. The property, which had not been sold since 2001 when it was purchased for $5.125 million, features five bedrooms and sits on nearly two-fifths of an acre.
Connections and Previous Ownership
The deeds filed for both transactions confirm their relationship, with the sellers in one deal being the buyers in the other. The Tolkans, who co-founded and manage Penzance Assets, a Washington D.C.-based firm, were reportedly looking to move into a larger home. The Australian Avenue property was previously owned by an entity linked to Winifred “Winnie” J. Marquart, an heir to the SC Johnson cleaning-products fortune. The El Brillo Way property was sold by Maurey F. Shields, trustee of an irrevocable trust for her late husband, Wall Street entrepreneur J.V. Shields Jr.
Notable Buyers and Sellers
Chris Cox, one of the buyers of the Australian Avenue home, is known as an investor, businessman, and avid car collector, particularly of Ferraris. He and his wife, Ann, were involved in a notable incident in 2012 involving a rare Ferrari 250 GTO. The Tolkans, as managing partners of Penzance Assets, focus on investment funds for real estate development.
Sources
- Palm Beach house fetches $16M, following its $16.7M sale in December, Palm Beach Daily News.