Oil exec pays $2.95M for Palm Beach condo

Thomas D. O'Malley and his wife, Mary Alice, bought a three-bedroom, three bath at 100 Worth Ave. in Palm Beach from Donna Rautbord for $2.95 million on Dec. 11.

Unit #4120, which spans 2,000 square feet, is located in the Winthrop House development, which was built in 1972.

Mr. O'Malley is a veteran of the oil refinery business, most recently serving as chairman and chief operating officer of Premcora, an oil refinery group based in Greenwich, Conn.

He began his career in the mailroom of Phillip Brothers, a commodities trading firm. This eventually led to positions trading, running the company's European operations and managing their energy business.

When Phillip Brothers merged with Salomon, an investment banking firm, Mr. O'Malley became vice president and chief executive officer of the oil trading division. In 1986, he left to found Argus Investments, which later merged with Tosco Corporation and Comfed Bancorp. He later served as chairman and chief operating officer of Tosco and vice chairman of Phillips Petroleum.

He earned his bachelor's from Manhattan College.

Condo sales in Palm Beach dropped 17 percent through Dec. 15, 2007, versus the same period in 2006. The median sales price also dropped $50,000 from $800,000 to $750,000.

Condo sales at Winthrop House dropped 20 percent through Dec. 15, 2007, versus the same period in 2006. The median sales price also fell $200,000, from $2.0 million to $1.7 million.

BlockShopper Metrics began keeping track of condo sales in South Florida in 2001.

Address: 100 Worth Avenue, #4120
Buyer(s): Thomas D Omalley and Mary Alice Omalley
Seller(s): Donna Rautbord
Sale date: 2007-12-11

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