A 1930s home on the ocean in Palm Beach, Fla., has sold for $48.5 million, just shy of the $54.9 million asking price.

The buyers are Southern California-based billionaires Duane and Kelly J. Roberts, who are food and real-estate entrepreneurs. The seller is Edward Mulé, co-founder and CEO of Silver Point Capital, a Greenwich, Conn.-based investment firm. Mulé bought the house for $15.01 million in 2019, property records show, and put it on the market in February.

Mulé didn’t respond to a request for comment, and the Robertses declined to comment. The couple is relocating to Palm Beach, according to people familiar with the situation.

The buyers, Duane and Kelly Roberts, plan on renovating the house, which was built in the 1930s.

The Robertses plan to reconfigure and renovate the house, a roughly 13,000-square-foot European-style villa, according to Tom Shaw of Sotheby’s International Realty, who represented them in the transaction. Kelly had been searching for a South Florida property for the couple for more than a year, he said. They already own numerous properties, including in California, Aspen, Oregon and Hawaii.

“In Palm Beach, it’s a great lifestyle and there are probably already 68 billionaires. She’ll just be 69,” Shaw said.

The couple’s new neighbors include billionaire William Lauder, who bought his property from the estate of Rush Limbaugh for $155 million in 2023.

The existing home spans about 13,000 square feet.

The kitchen has a central island for dining.

The house has 10 bedrooms.

Duane, 88, is widely credited with inventing the frozen burrito in the 1950s. Kelly, 65, heads the company he founded, Entrepreneurial Corporate Group, which manages their food investments as well as the Mission Inn Hotel & Spa in Riverside, Calif., and a large portfolio of multifamily apartments across the country. In April, President Donald J. Trump appointed her to the American Battle Monuments Commission.

The roughly 1.8-acre Palm Beach property has expansive sand dunes leading to the beach, as well as an oceanfront pool. The 10-bedroom house hasn’t been renovated recently, said Dana Koch of the Corcoran Group, one of the listing agents. For the past few years Mulé rented it out, asking $75,000 a month, according to Zillow.

The house has a wraparound covered lanai and multiple balconies.

The property has an oceanfront pool and expansive sand dunes leading to the beach.

This year, Mulé filed an application with Palm Beach’s Architectural Commission to build a new house and separate guesthouse. The application was later withdrawn.

The Mulé-Roberts deal came together quickly, which speaks to the strength of the waterfront market in Palm Beach, Koch said. “Direct oceanfront is the gold standard in Palm Beach. There’s very, very, very little of it.”

There were 18 Palm Beach sales of $10 million or more in the three months ending May 1, up from 12 during the same period last year, according to the local multiple listing service.