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Rich's Palm Beach house sold for $19.8 million

The beachfront Florida home that belonged to Robert E. Rich Sr. has been sold in one of the largest home sales in the Palm Beach area since last summer, a Florida paper reported.

The home at 101 Indian Road in Palm Beach Shores was listed for $19.8 million by prominent local real estate agent Lawrence A. Moens. According to the Palm Beach Daily News, the listing status has been changed from "active" to "pending," with a closing reportedly scheduled for the summer. The likely buyer was not identified.

Rich, who died in 2006, was founder and chairman of Buffalo-based Rich Products Corp., one of the nation's largest privately held companies. The home was inherited by his son, Bob Rich Jr., who is now chairman of Rich Products. He and his wife, Melinda, live in Islamorada in the Florida Keys.

Dwight Gram, spokesman for Rich Products Corp., declined to comment, and said Rich would not comment, either.

The five-bedroom, six-bath home was built in 1970 and sits on 1.57 acres of land on the beach. The two-story home, with 4,795 square feet of space, includes a pool, exercise room, balcony and den. The home is assessed at $18.36 million, while the land is valued at $21.35 million.