Former Hertz CEO sells Palm Beach mansion for $7.4M

by Elizabeth Pratt, published Friday, April 25 8:57 AM ·

Mr. Olson

Frank A. Olson and his wife, Sarah, sold a four-bedroom, four bath at 674 Island Drive in Palm Beach for $7.475 million to 674 Island Drive LLC on April 3.

The Olsons paid $3.69 million for the home in April 1999.

The 4,662 square foot home was built in 1957. The property was listed for $12 million with Resort Properties International in June 2007.

Mr. Olson is now retired after a nearly 40-year career with Hertz Corporation. Most recently, he served as chairman emeritus until leaving in 2003.

From 1977-1999, he held the position of president and CEO. During this time, he also had responsibility for company subsidiaries RCA and United Airlines.

Mr. Olson has served on the board of directors for numerous corporations including Amerada Hess, Commonwealth Edison, Unicom and Franklin Templeton Investments.

He earned his associate's degree from the City College of San Francisco.

The Olsons also own a residence in Ridgewood, N.J.

Home sales in Palm Beach dropped nearly six percent in 2007. The median sales price remained the same, at $1.2 million.

Address: 674 Island Drive
Buyer(s): 674 Island Dr Llc
Seller(s): Sarah Olson and Frank A Olson
Sale date: 2008-04-03