Stephen E. Myers Sr. sold his five-bedroom, six bath at 460 Worth Ave. in Palm Beach for $19,943,385 to Karl Heinz Andresen and his wife, Marianne, on Feb. 19.

Myers paid $4 million for the property in June 1993.

The 6,468 square foot home was listed for $23.9 million when it appeared on the market in 2006.

Myers is the co-founder and chairman of the US Cable Group, a New Jersey-based telecommunications company that offers cable and internet services to customers in 10 states. He founded the company in 1975.

Myers is also a developer of the Pine Creek Sporting Club, an exclusive, members-only, champions clays and wing shooting club located in Okeechobee. He is one of five founding members of the club, including legendary golfer Jack Nicklaus and fellow PGA golfer Nick Price.

Myers recently purchased a nine-bedroom, 10.5 bath at 101 El Vedado Rd. in Palm Beach.

The Andresens also own property in Hamburg, Germany, where Mr. Andresen is affiliated with the Karlheinz Andresen Land Administration Co.

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

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

Address: 460 Worth Avenue
Buyer(s): Karl Heinz Andresen and Marianne Andresen
Seller(s): Stephen E Myers Sr
Sale date: Feb. 19, 2008