Fashion mogul Tom Ford has purchased a modern Palm Beach mansion for $51 million in an off-market deal, according to people familiar with the deal.

The purchase comes a few months after Estée Lauder Cos. struck a deal to acquire the Tom Ford fashion label in an agreement valued at roughly $2.8 billion.

The seller was Rob Heyvaert, founder and managing partner of private-equity firm Motive Partners. Mr. Heyvaert bought the house for $35.75 million in 2021, records show.

Neither Mr. Ford nor Mr. Heyvaert responded to requests for comment.

Though not directly on the water, the property is among the few that occupy a narrow strip of Palm Beach between the Intracoastal Waterway and the ocean, and is located near the landmark 1920s-era resort the Breakers. According to PropertyShark, the property spans close to an acre and includes roughly 10,000 square feet of living space. Aerial images of the property show it has a large outdoor pool and lush landscaping, as well as extensive rooftop solar panels.

The home’s architect, Daniel Kahan of Smith and Moore Architects, won an award for the design of the home from the Preservation Foundation of Palm Beach in 2019.

Mr. Ford, who hails from Texas, is a former creative director at Gucci and a filmmaker. He is the director of “A Single Man” and “Nocturnal Animals.”