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Former Subway Investor Acquires Renovated Palm Beach Townhome, Once Owned by Bernie Madoff

Bennie and Stephanie Bray, a prominent Dallas-based couple known for their real estate ventures, recently acquired a townhome on the upscale Brazilian Avenue for a sum of $13.9 million. This property, located at 218 Brazilian Avenue, was purchased from Wendy Tirollo. The transaction was facilitated by Tom Shaw of Sotheby’s International Realty, who represented both the buyers and the seller.

Bennie Bray is not only a seasoned real estate investor but also serves as an operational partner at the investment firm CIC Partners. Additionally, he holds a leading role as an investor in CraftMark Bakery, an Indianapolis-based company specializing in baked goods for Subway.

Back in 2010, the Brays made headlines when they bought Bernie Madoff’s former residence on North Lake Way for $5.7 million from the U.S. government. Subsequently, they sold the property for $9 million in 2013. More recently, in June of the preceding year, the Brays acquired unit 31 in the Kirkland House at 101 Worth Avenue for $15 million.

Wendy Tirollo, CEO of TRM Microwave, an electronic components manufacturer in Bedford, New Hampshire, made headlines for purchasing the Brazilian Avenue townhouse from billionaire developer Richard Kurtz for $8.3 million in January. This four-bedroom, five-bathroom unit, constructed in 2022, spans 4,000 square feet and features a pool and spa, as per the listing.

Tirollo initially listed the townhouse for $15.5 million in March, according to Realtor.com. The recent sale reflects a notable increase in value, amounting to $5.6 million or a remarkable 68 percent gain in just nine months.

In a similar vein, another townhouse in the development underwent a successful flip. Hedge funder and real estate investor David Malm sold his unit to financier Steven Hudson for $14.4 million last month, having acquired it for $12 million in January.

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