Real Estate

Palm Beach Spec Home Brings In $50M

A 14,000-square-foot spec mansion located in Palm Beach, just a few streets north of Mar-a-Lago, has sold for $50 million, The Wall Street Journal reported this week.

The half-acre property with deeded beach access was developed by Lion’s View Holdings, which acquired the lot for $7.6 million in 2018, according to records. The buyer, who remains anonymous, was represented by Christian Angle of Christian Angle Real Estate. Chris Deitz of Compass represented the listing.

The eight-bedroom 13-bathroom house includes a gourmet kitchen, library, media room, pool and cabana. A basement features a 1,700-bottle wine cellar, game room, home gym and theater.

High-end finishes include a limestone exterior, custom-cut marble floors, European wide oak floors, and Calacatta and Bianca Dolomite marble flooring in the bathrooms. The primary suite also includes a terrace, and his-and-hers walk-in closets and bathrooms equipped with steam showers.

Originally, the home was listed for $42.5 million in 2020, prior to its completion, according to Zillow. The home’s construction then took more than two years to completely, partly due to supply chain delays, Deitz told The Wall Street Journal. Once it was finished, developers determined that the market had set on fire such that a price increase was merited, and therefore, the listing price at the time the home went under contract was $52.5 million.

The average sale price for single-family homes in Palm Beach during Q4 2021 surged 128 percent from the year before to $14.8 million, according to appraisal firm Miller Samuel.

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Email Lillian Dickerson

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