Cornelia and Richard Thornburgh sold their renovated lakefront mansion at 550 Island Drive in Palm Beach for $25.4 million to a Toronto-based company called 260N Property Limited Partnership, according to the deed recorded on January 10, 2025. The Thornburghs originally bought the property for $9 million in 2014 and significantly renovated it over several years. The mansion now features five bedrooms, extensive water views, and a two-bedroom guest house, having been relisted at various prices before selling below its last asking price of $39 million set in April 2023.
Written locally by qwen2.5:14b on 2026-10-08,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Cornelia ‘Cornie’ Thornburgh and her husband Richard sold their renovated lakefront mansion and guest house on Everglades Island in Palm Beach for $25.4 million on January 10, 2025, nearly five years after purchasing it for $9 million. The property, located at 550 Island Drive, was listed for sale at $24.9 million. The buyer is a Canadian entity named 260N Property Limited Partnership, registered in Manitoba and using an address in Toronto.
This buyer already owns real estate in Palm Beach, including a four-bedroom house purchased in September 2020 for approximately $6.28 million, followed by the acquisition of an adjacent empty lot in March 2022 for $9.25 million. The total combined property is now listed for sale at $22.9 million.
The Island Drive estate’s sale was not immediate; it had been on the market since April 2023 before finally selling, indicating a significant appreciation in value over the years.
Written for “Palm Beach Real Estate Sale” on 2026-10-08,
grounded in this article and the 0 other(s) covering the same event.
Cornelia ‘Cornie’ Thornburgh and her husband, Richard, have sold their renovated lakefront mansion and guest house on Everglades Island in the Intracoastal Waterway, the Palm Beach Post reported.
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Post → sell → Waterway
The house at 550 Island Drive was listed at $24.9 million, according to the multiple listing service.
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house → list → service
The deed, recorded on Jan. 10, 2025, shows a price of $25.4 million.
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deed → record → million
The buyer is 260N Property Limited Partnership, which is registered in Manitoba and uses a mailing address at an office building in Toronto.
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which → register → Toronto
Buyer already has land across town
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Buyer → have → town
It owns a four-bedroom house at 260 N. Woods Road in the North End.
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It → own → End
It paid about $6.28 million for the 1977 house in September 2020.
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It → pay → September
In March 2022, it added the empty lot next door at 254 N. Woods Road for $9.25 million.
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it → add → million
The house and lot are now on the market together for $22.9 million, the listing service shows.
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service → show → million
Agent Jim McCann of Premier Estate Properties holds that listing.
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McCann → hold → listing
He also represented the buyer in the Island Drive deal.
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He → represent → deal
The Island Drive estate did not sell quickly.
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estate → sell → ?
The agents, Liza Pulitzer and Whitney McGurk of Brown Harris Stevens, first listed it in April 2023 at $39 million.
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agents → list → million
After several price cuts, its final price landed about $13.6 million below that first asking price.
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price → land → price
The Thornburghs bought for $9 million
Built in 1955, the mansion sits on about half an acre, with 150 feet of frontage on the canal that separates the island from the Everglades Golf Course.
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that → buy → Course
The Thornburghs bought the property in 2014 for $9 million.
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Thornburghs → buy → million
They felt the mansion needed a gut renovation.
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mansion → feel → renovation
We saw that it was a project, but we also knew it was a special place,” Cornie Thornburgh told the Palm Beach Daily News in 2023.
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Thornburgh → see → 2023
The couple hired architect Jacqueline Albarran of SKA Architect+Planners.
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couple → hire → Architect+Planners
Contractor Tim Givens of Tim Givens Building & Remodeling Inc. ran the work.
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Givens → run → work
The team changed the layout of the main house a great deal but kept the focus on the water views and the thick mangroves along the golf course.
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team → change → course
“Not one thing went untouched,” Thornburgh said in the same interview.
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Thornburgh → go → interview
Inside the renovated mansion
The Thornburghs went for a massive renovation.
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Thornburghs → renovate → renovation
The main house now has five bedrooms, four of them on the ground floor, along with a den and access to a two-car garage.
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house → have → garage
The living and dining rooms open to a poolside lanai.
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rooms → open → lanai
The main suite is upstairs and has a balcony facing the gorgeous water.
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suite → have → water
Wide-plank hardwood floors run through the rooms.
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floors → run → rooms
The mansion also has gas fireplaces in the living room and lanai, setting the tone.
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mansion → have → tone
The kitchen has custom cabinets and high-end appliances.
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kitchen → have → cabinets
A two-bedroom guest house and cabana building also sit nearby.
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house → sit → ?
After the renovations, the couple named the property Pelican Strait.
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couple → name → property
The Palm Beach couple were keen on hosting parties, and their entertaining space can host about 100 people.
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space → host → people
“We have had parties here for 100 people, and now the house flows well.
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house → have → people
In so many big houses, you ramble around, but this house is cosy and comfortable when there’s no kids around and it’s just the two of us,” the couple said.
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couple → ramble → us
The Thornburghs had to downsize, so they moved to a 1920s bungalow at 159 Australian Ave., just east of the police headquarters near Town Hall.
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they → have → Hall
They bought the historic home in 2023 from Amy Tarrant for $8.12 million.
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They → buy → million
The 4,436-square-foot home has five bedrooms.
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home → have → bedrooms
The town gave it landmark protection in 2013, and earlier owners won an award from the Preservation Foundation of Palm Beach for restoring it.
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owners → give → it
Elizabeth Woody of Compass Florida represented both sides of that sale.
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Woody → represent → sale
Prior to owning the mansion on Island Drive, the couple owned another landmarked house, a 1923 villa on Golfview Road.
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couple → own → Road
…and 3 more, not listed.
The Aporia
