Ric Elias, co-founder and chief executive of Red Ventures, and his wife, Brenda, have purchased a Palm Beach residence for $17.1 million. The 4,900-square-foot property at 350 Seabreeze Avenue was the most expensive residential transaction recorded in South Florida on Aug. 12, 2026, according to reported deal data.
Key takeaways
- The Palm Beach property sold for $17.1 million.
- Buyers Ric and Brenda Elias are acquiring the home through the Red Ventures co-founder’s family.
- The seller, Steven K. Hudson, had purchased the residence for $15.8 million in May.
- The transaction was the top residential sale among the South Florida deals reported for the day.
The sale underscores continued demand for high-value homes in Palm Beach, where limited inventory and the area’s concentration of wealthy buyers support multimillion-dollar transactions. The property changed hands only a few months after Hudson acquired it, producing a reported $1.3 million increase over its previous purchase price.
A short ownership period
Hudson bought 350 Seabreeze Avenue for $15.8 million in May 2026. Its subsequent sale to the Eliases at $17.1 million represents a premium of approximately 8 percent, based on the two reported purchase prices.
The deal involved Christopher Leavitt and Jack Rooney of Douglas Elliman, who represented the listing and buyer, respectively. No additional details about the home’s amenities or financing were reported.
Palm Beach leads residential deals
The Palm Beach transaction topped the day’s residential sales, but another notable deal was recorded in Fort Lauderdale. A 7,000-square-foot home at 1721 Southeast 11th Street sold for $16 million, well below its prior $24.9 million listing price.
Arlene G. Inch, chairwoman and owner of TransPak, purchased the Fort Lauderdale property from Eleven Rio LLC, an entity tied to Alon Steiger. The sale was represented by Nicole Bentz of Florida Luxurious Properties for the seller.
Other major South Florida transactions
Commercial activity also produced several sizable deals across the region. The largest reported transaction was the $31.5 million sale of a 61,000-square-foot office and retail property at 404 Washington Avenue in Miami Beach.
Other reported commercial sales included a $14.7 million transaction involving a 31,700-square-foot medical facility at 3251 North State Road 7 in Margate. Together, the deals show activity spanning luxury residential properties, office and retail assets, and specialized medical real estate.
Sources
- South Florida Top Real Estate Deals: August 12, 2026, The Real Deal.