Burton G. Malkiel and his wife, Nancy, bought a two-bedroom, two-bath condo at 2660 S. Ocean Blvd. in Palm Beach from Stephen and Marjorie Raphael for $1.1 million on Feb. 13.

The Raphaels bought the 1,908-square-foot Unit #5020 for $480,000 in March 2002. The unit is part of the Beach Point condominium development.

Mr. Malkiel is a professor of economics at Princeton University, where he has twice served as chair of the economics department. He is the author of A Random Walk Down Wall Street.

He is also the chief investment officer of AlphaShares Investments and former dean of the Yale School of Management. He served as member of the Council of Economic Advisers from 1975 to 1977.

He received his B.A. (1953) and M.B.A. (1955) from Harvard University, and his Ph.D. (1964) from Princeton University.

Beach Point, which was built in 1979, has 104 units on nine floors. Sales there were up 100 percent from 2007-08, while the median sales price rose 3.2 percent during that time.

There were 184 condo sales in Beach Point in 2008, with a median sales price of $500,000.

Address: 2660 S. Ocean Boulevard
Buyer(s): Burton G Malkiel and Nancy W Malkiel
Seller(s): Stephen E Raphael and Marjorie Raphael
Sale date: Feb. 13, 2009