Palm Beach Mega Mansion Sells for Half Price
The house located at 1220 S. Ocean Blvd. was the highest-priced property on the market over the past two years in Palm Beach, Fla. Originally listed at $74 million and embattled in multiple foreclosure lawsuits, the mansion sold for $42 million last month.
Imagine returning home to your mega mansion as giant decorative iron gates swing wide open to greet you. Reminiscent of a French chateau, the home has nine bedrooms, 10 full bathrooms and eight half-baths.
Located on 2.5 acres, the sprawling home features 20,000 square feet of living space with an additional 7,000 square feet of loggias, garages and a guesthouse. Oh, and don't forget the 4,000-square-foot master suite. There's also a separated gated entryway for service personnel.
The mega mansion is situated on Billionaire's Row and minutes from the luxurious Worth Avenue shopping and dining district. Although the location is a highly sought-after section of Palm Beach, some real estate analysts wondered whether buyers would be willing to pay $74 million for a non-oceanfront property. Turns out they were right: The house sold for almost half price.
The seller faced two foreclosure lawsuits before the sale, but despite the challenges, the lenders were repaid and the title was transferred free and clear.
The sale marks the second-highest recorded price ever paid for a lakefront property in Palm Beach. Builder Dan E. Swanson developed the project and Jim McCann of the Corcoran Group was the listing agent. Agent Stephen Ploof of Linda A. Gary Real Estate acted on the buyers’ side.