The owners of The Breakers Palm Beach historic resort have continued their buying spree on the island, recently paying $12 million for a pair of buildings.

The Maha Ganataphy Trust, with Sundarapmillai Jeyanandarajan in Pismo Beach, California as trustee, sold two buildings for a combined 6,566 square feet at 233 and 235 Royal Poinciana Way to RPW LLC, which is a subsidiary of Flagler System Management, a sister company of The Breakers. Josh Wade of Flagship Partners represented the seller in the deal. Property data firm Vizzda confirmed the buyer and seller information.

The property was developed on the 0.11-acre site in 1945. Wade said the two retail tenants are the Gentleman’s Corner and Eyes on the Island.

The buildings last traded for $625,000 in 1982, so they had a big gain in value after a long-term investment.

Paul N. Leone, CEO of Flagler System, confirmed that it purchased this property to add to its real estate portfolio. This follows its purchase of 249 Royal Poinciana Way for $11.5 million in January. The company also owns 221, 229, 245, 251, 253, and 265 Royal Poinciana Way, along with the Bradley Park Building. He noted the street is within walking distance of The Breakers.

“Our commitment to investing in Royal Poinciana Way reflects the enduring dedication of our family ownership; their long-term vision and desire to enrich the community is fundamental to our organization’s business strategy and success,” said Leone, The Breakers CEO.

Purchasing commercial real estate in Palm Beach could also prevent another party from developing near The Breakers resort.

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