$51M for Mar-a-Lago Neighborhood Estate
Provided by the Palm Beach real estate lawyers at Rabideau Klein
Key points
- A S. Ocean Boulevard estate on Palm Beach Island near Mar-a-Lago was sold for $51 million.
- A Sloans Curve condo enters the market priced at $19 million and a Worth Avenue townhome sells for $14 million, helping property values to continue to climb.
- The Town of Palm Beach issued an $8.74 million permit for a residential addition to an estate that was purchased for $25 million in 2023.
Another estate near the President’s Mar-a-Lago residence changed owners. Last month, the $51.42 million sale of the beach-facing house at 516 S. Ocean Boulevard, situated on about ½ acre just 1.5 miles north of Mar-a-Lago was sold. The property was listed last December for $60 million. Another closing, 240 N. Ocean Boulevard, brought at $26.67 million. The latest three-month spread of sales activity in the Town of Palm Beach shows a $25 million increase in its median sale price.
A healthy group of 33 luxury condos was purchased in Palm Beach last month, with a $14 million sale leading the pack. The townhome, Apartment 101 at the Kirkland House is an ocean-facing condominium on Palm Beach’s famous Worth Avenue that had recently been gutted and transformed into “a stunning design by a renowned designer.” The sale contributed to 27% increase in the mean average, and a 34% increase in the number of $1 million-plus homes sold during the last three months as compared to the same period of the prior year.
Last month, the Town issued an $8.74 million permit for a residential addition to an estate that was purchased for $25 million in 2023 according to public records. In addition to the permit being the largest of the month, it is also now the largest of the last 12 months, displacing the $8.32 million permit issued last January for the build-out of the new theater at The Royal Poinciana business center. Open the May report for the full story.