A Palm Beach Spec Home Near Mar-a-Lago Sells for $50 Million
The 13,000-square-foot spread includes deeded beach access and a 1,700-bottle wine cellar
E.B. Solomant | Wall Street Journal
A spec mansion in Palm Beach has sold to a mystery buyer for $50 million.
The roughly half-acre property with a swimming pool and deeded beach access had been asking $52.5 million, according to listing agent Chris Deitz of Compass. Christian Angle of Christian Angle Real Estate represented the buyer, whose identity couldn’t be determined.
Located a few streets north of Mar-a-Lago, the house was developed by Palm Beach-based Lion’s View Holdings, which purchased the site for $7.6 million in 2018, records show.
Spanning approximately 13,000 square feet, the eight-bedroom house is clad in white Jerusalem stone with a stone driveway. The primary suite has a terrace, his-and-hers walk-in closets and bathrooms with steam showers. The basement level has a media room, a gym and a walk-in, 1,700-bottle wine cellar. There are multiple loggias, including one in the front facing the ocean and another in the pool area.
The house was first listed for $42.5 million in 2020, when it was unfinished, according to Zillow. Mr. Deitz said construction took more than two years, in part because of supply-chain delays. By the time the building was complete, he said, the market was “on a tear” and the developers adjusted the price accordingly. During 2021’s fourth quarter, the average sale price for single-family homes in Palm Beach jumped 128% year-over-year to $14.8 million, according to appraisal firm Miller Samuel. But with dwindling supply, the number of sales dropped 68.3% during the same period.