According to The Real Deal, the fashion designer purchased the five-bedroom, seven-bathroom beachfront property from one of the area's top real estate brokers, Larry Moens.
Moens has closed numerous deals on Palm Beach properties for high-net-worth buyers, including Oracle co-founder Larry Ellison, actor Sylvester Stallone and casino developer Steve Wynn.
Moynes more than doubled the proceeds from the recent sale as he purchased the 6,528 square foot home for $17.88 million in 2021.
The house will be another trophy in Hilfiger's Palm Beach portfolio.
Just two years ago, Hilfiger and his wife Dee Ocleppo went on a shopping spree in Palm Beach - buying a $21 million waterfront mansion and a brand new building for $9 million.
Hilfiger's latest and greatest purchase was built in 1927.
It is not known if Moens has made any improvements to the property, but its prime location has been a big draw for buyers.
The stone house sits on nearly half an acre and features many luxurious touches and historical details.
Highlights include preserved hardwood floors, arched windows and doors, cathedral ceilings and exposed beams.
The chef's kitchen has high-end appliances and a huge wooden island with a sink.
The master bedroom has a soaring ceiling and glass doors that open to a balcony with spectacular ocean views.
A jaw-dropping bathroom features a soaking tub, fireplace and walk-in closet.
The property also features a pool, pool house, covered patio and outdoor dining area.