A historic oceanfront home in Palm Beach sold at a discount for $28 million, The Real Deal has learned.
The estate of Patricia Ann Kahn sold the house at 480 South Ocean Boulevard at a $10.7 million discount after a year on the market, a source confirmed. The deal has yet to appear in public records, and the buyer is unknown. It marks the latest pricey deal in Palm Beach this busy season.
Stephen Ploof with Compass and Natalia Gryczynska with Serhant had the listing with the brokerage Hilton Hilton. Missy Savage with Brown Harris Stevens brought the buyer.
Ploof and Gryczynska declined to comment on the buyer.
Records show Kahn had owned the home since 1984. There is no previous sale price recorded for the property. It was built in 1928 on 0.7 acres with 150 feet of beachfront, and spans 4,700 square feet, four bedrooms, four bathrooms and one half-bathroom. Celebrated Palm Beach architect Marion Sims Wyeth, known for designing Mar-a-Lago and the Norton Museum of Art, designed the home. The Palm Beach Town Council granted the house landmark status in November, according to the Palm Beach Daily News.
Kahn’s estate listed the beachfront home for $38.7 million in March of last year, Zillow shows. The listing has been pending since July.
Palm Beach buyers are typically looking for turnkey, new construction homes, agents say. Older homes and construction projects can be tough sells in a town that rigidly controls designs and building processes, Ploof acknowledged. He and Gryczynska pointed to the home’s large lot, beach frontage and proximity to town as selling points.
“These properties rarely come on the market,” said Gryczynska.
Agents say demand is high for the island’s limited supply of luxury homes this season.
“High-end waterfront properties on the island and anywhere else, they’re in demand,” said Ploof. “That hasn’t changed.”
Last month, Ambrose K. Monell, the scion of a Gilded Age industrialist family, sold his lakefront home for $57 million in an off-market deal. Also in February, private equity billionaire Greg Mondre flipped a teardown for $36.3 million. In another off-market deal, Trump appointee and waste management boss Anthony Lomangino bought the historic beachfront estate Villa Flora for $76.7 million.
