Last year, news that legendary musician Jon Bon Jovi had put his New Jersey mansion on the market and was looking for property in the Town of Palm Beach caught national attention. When he and his wife Dorthea bought a property in the Town of Palm Beach and began renovations in early 2020, it looked like the famous family would be moving to the area. The couple recently surprised their North End neighbors by selling the newly completed customized luxury home. Here is more on Bon Jovi’s latest Palm Beach real estate deals:
Bon Jovi and the Town of Palm Beach
In March of this year, when Bon Jovi and his wife purchased 230 N. Ocean Blvd for a reported $10 million, they had the property razed and commissioned celebrated architect Rafael Portuondo to design a custom home. With Bon Jovi’s Jersey estate up for sale and that the luxury property was near completion, all signs pointed to the family moving into 230 N. Ocean Avenue. Additionally, the famous musician had made an impromptu appearance in the county. When the COVID-19 pandemic hit the U.S., the rock legend made a surprise video appearance in a Palm Beach County kindergarten class at Marsh Pointe Elementary in Palm Beach Gardens to cheer students up during online learning. However, on May 20, 2020, the Italian-style, custom-built, five-bedroom, 7000 square foot home went on the market for $22.9 million to the astonishment of expectant neighbors. Approximately one month later, the lavish estate was under contract, and on July 17, 2020, Jon and Dorthea sold 230 N. Ocean Blvd. for a reported $19.847 million without ever having lived there.
The Bon Jovi Effect
When word got around that Bon Jovi and his family might be moving to the North End, spec mansions started appearing in neighborhoods near 230 N. Ocean Blvd. Additionally, luxury homes in this once quiet part of town started selling quickly at higher values. The Bon Jovi effect on the North End seemed to revitalize the area and draw attention to this high-end market.
1075 N. Ocean Blvd
Bon Jovi’s ownership company reportedly closed on the sale of 230 N. Ocean Blvd while simultaneously paying $43 million for an oceanfront mansion just a few miles away. Bon Jovi’s newly acquired property, 1075 N. Ocean Blvd, is a 13,335 square-foot, seven-bedroom estate that sits between the coastal road and the beach. The home is next to the former Kennedy estate, which recently sold for $70 million. The location of 1075 N. Ocean Blvd is reportedly more secluded than 230 N. Ocean Avenue. This fact, taken with its larger size and beach frontage, may have contributed to Bon Jovi and his wife’s decision to sell 230 N. Ocean Blvd in favor of 1075 in Town of Palm Beach, N. Ocean Blvd. According to a recent report, the new home has undergone extensive updates and impressive renovations. The property boasts hardwood floors, library and dining room views of the ocean, a courtyard, limed pecky-cypress ceilings, a pool, a cabana, and two expansive loggias. The luxury home also has an exercise room, a temperature-controlled wine cellar, a three-car, air-conditioned garage, and elevators.
Bon Jovi’s recent purchase of 1075 N. Ocean Blvd may indicate that he is done with real estate transactions in Town of Palm Beach, at least for the moment. However, after realizing a significant profit from his first North End purchase, the New Jersey musician has proved to have a good eye for real estate investment.
Contact the Florida Board Certified Real Estate Attorneys of Rabideau Klein
At Rabideau Klein, we have extensive experience handling multi-million-dollar transactions for high-end residential and commercial real estate in Palm Beach County. David E. Klein, Esq. and Guy Rabideau, Esq. are also Florida Bar Board-Certified Real Estate attorneys with the expertise and experience you need to protect your interests during your Palm Beach County luxury real estate matter. Contact Rabideau Klein today to discuss your Palm Beach real estate legal needs.