When it comes to residential real estate, Palm Beach is always pushing the boundaries. In 2023, this small American town witnessed the sale of nine houses for $40 million or more, with one setting a new record at approximately $170 million.
However, despite these staggering figures, the number of high-value deals actually decreased compared to the previous year. In 2022, Palm Beach County Clerk's office recorded 13 transactions exceeding the $40 million mark, including one just shy of it at $39.9 million.
The drastic surge in prices has left real estate observers astounded. In 2021, only four sales surpassed $40 million, while in 2020, there were seven, and in 2019, five. Another interesting observation is that none of the highest sales in 2023 occurred after July.
Typically, Palm Beach sees a flurry of end-of-the-year transactions as buyers and sellers rush to close deals before the tax year ends. However, in 2023, this trend was disrupted. December accounted for two sales above $40 million in 2022, and one sale in each of 2020 and 2019, but there were none in 2021.
All of these facts highlight the ever-changing dynamics of Palm Beach real estate. Predicting the number of sales exceeding $40 million in the coming year is as challenging as identifying trends in this volatile market.
Here's a breakdown of the notable sales that crossed the $40 million threshold in Palm Beach during 2023:
About $170 million, 589 N. County Road
In the highest-dollar sale of 2023, an oceanfront mansion at 589 N. County Road was bought for a price estimated to be around $170 million. This transaction set a new sale-price record in Palm Beach. The deal involved car dealer Michael Cantanucci and his wife, Kimberly, purchasing the property from coffee tycoon Robert Stiller and his wife, Christine. The sales price was not officially recorded due to the deal's unique structure.
$155 million, 1495 N. Ocean Blvd.
In March 2023, the former oceanfront compound of the late conservative firebrand Rush Limbaugh was sold for a recorded $155 million. The buyer was billionaire William P. Lauder, behind the Estée Lauder cosmetics company. The estate, comprising three separate parcels, including the main residence, was purchased from Limbaugh's widow, Kathryn Adams Limbaugh. The property was subsequently demolished.
$100 million, 195 Via Del Mar and 241 Jungle Road
In May, fashion designer Tom Ford engaged in a significant property swap. He exchanged his contemporary-style house on Jungle Road for a landmarked house owned by businessman Brian Kosoy and his wife, Andrea, on Via Del Mar. The off-market deal, valued at $100 million, was facilitated by broker Christian Angle of Christian Angle Real Estate.
$68.15 million, 149 E. Inlet Drive
A mystery buyer, represented by the Island Sands Trust, acquired an impressive 11,706-square-foot house on a 1.44-acre site at 149 E. Inlet Drive in July. The property, built by businessman Myron "Mosie" Miller and his wife, Michelle, was sold following negotiations between broker Lawrence Moens and agent Madison Collum of One Sotheby's International Realty.
$66 million, 1350 N. Lake Way
In April, a lakefront home at 1350 N. Lake Way was sold for a recorded $66 million. The property, renovated by casino-and-resort mogul Steve Wynn and his wife, Andrea Hissom Wynn, was purchased by the aforementioned Stillers, who used a limited liability company for the transaction. The colonial-style home spans 17,032 square feet and sits on four-fifths of an acre.
$63.43 million, 854 S. County Road
A 2-acre lakefront estate located at 854 S. County Road was sold for a recorded $63.43 million in May. The compound, boasting 11,443 square feet of living space, was purchased by a real estate investment group led by developer Todd Michael Glaser. The transaction involved agents from The Corcoran Group, with Suzanne Frisbie representing the sellers and Dana Koch and Paulette Koch acting for the buyer.
$50 million, 940 N. Lake Way
A house facing the Intracoastal Waterway at 940 N. Lake Way changed hands in July 2023 for a recorded $50 million. Previously owned by businessman James "Jimmy" V. Tigani II, the property was purchased by Palm Beach entrepreneur and investor Harvey Jones. The 1970s-era house was demolished after the sale, and the vacant lot is currently listed for $59 million.
$44.975 million, 550 S. Ocean Blvd.
Billionaire real estate mogul Dwight Schar and his wife, Martha, sold their landmarked Palm Beach mansion overlooking the Atlantic Ocean for a recorded $44.975 million in January. The buyer, listed as the 550 South Ocean trust, was represented by agent J.B. Edwards of Sotheby's International Realty. The mansion spans 10,328 square feet on a half-acre lot.
$41.38 million, 930 S. Ocean Blvd.
Fashion designer and real estate investor Tommy Hilfiger flipped a landmarked house on 930 S. Ocean Blvd. in May. The sale involved his limited liability company and the buyer was the 930 S. Ocean Trust. The house occupies a lot measuring two-fifths of an acre and offers a total of 7,265 square feet of living space.
These notable sales demonstrate the continued allure of Palm Beach real estate. The market's dynamism and record-breaking prices consistently attract investors from around the world. These transactions also underline the importance of working with experienced professionals familiar with the nuances of this unique market.
(Note: This article is written by Darrell Hofheinz, a USA TODAY Network of Florida journalist who covers Palm Beach real estate in his weekly "Beyond the Hedges" column. To get in touch with him, please email [email protected], call 561-820-3831, or tweet @PBDN_Hofheinz.)
