J. Timothy Gannon, the co-founder of Outback Steakhouse and Bloomin’ Brands, has exchanged Palm Beach mansions and millions of dollars with hedge fund executive Laurence M. Austin and wife Molly M. Austin.
Gannon sold his 7,005-square-foot beachfront mansion at 1300 N. Ocean Blvd. for $12.23 million to the Austins. On the same day, the Austins sold their 5,802-square-foot home at 235 Nightingale Trail to Gannon for $5.76 million.
The listing agent for the home at 1300 N. Ocean Blvd. was Lawrence A. Moens of Lawrence A. Moens Associates. It has five bedrooms, seven bathrooms, a pool, and a smaller house near the beach. It was built on the 0.57-acre site in 1991 and last traded for $5.5 million in 2011.