On Jan. 10, 2025, 260N Property Limited Partnership signed a deed for the 550 Island Drive lakefront estate in Palm Beach, paying $25.4 million. The transaction follows a four‑month listing that began at $39 million and ended at $24.9 million when Brown Harris Stevens pulled the property from the market. The deed shows the Thornburghs, who had owned the house since 2014, as the sellers.
260N Property Ltd., a Manitoba‑registered partnership with a Toronto mailing address, already holds two key assets in the North End. It bought a 1977 four‑bedroom house at 260 N Woods Road for $6.28 million in September 2020, then snapped up the adjacent lot at 254 N Woods Road for $9.25 million in March 2022. The pair are now listed together for $22.9 million, with agent Jim McCann handling the sale.
The Thornburghs acquired the 550 Island Drive property in 2014 for $9 million and poured $15.5 million into a gut‑level overhaul. Architect Jacqueline Albarran of SKA Architect+Planners redesigned the floor plan, while contractor Tim Givens Building & Remodeling Inc. executed the work. The renovation added a second suite, a poolside lanai, and high‑end finishes while preserving the water views.
The island estate sits on 0.5 acres, 150 feet of Intracoastal Waterway frontage, and boasts five bedrooms, a two‑car garage, and a two‑bedroom guest house. Wide‑plank hardwood, vaulted limed‑wood ceilings, and gas fireplaces punctuate the main house, while a private cabana building adds leisure space. The 1,500‑square‑foot pool and lanai provide a 100‑person entertainment canopy.
After selling the Palm Beach mansion, the Thornburghs moved to a 1920s bungalow at 159 Australian Ave., purchased for $8.12 million in 2023. That historic home, protected by landmark status, sits just east of the police headquarters and Town Hall.
With the Island Drive sale, 260N Property Ltd. now owns three contiguous parcels in the North End, potentially shaping future development plans. The buyer’s next move will be to negotiate a deal for the bundled 260 N Woods Road house and lot, currently listed at $22.9 million, before closing.