$99 Million Newly Built Waterfront Estate In Palm Beach, FL | Homes of the Rich – The #1 Real Estate Blog


Related Articles

  • Daniel

    This is ridiculous. Now, the agent has sold some of Palm Beach’s nicest homes, including the former Kimmel residence at full price, so what the heck do I know? But where did this number come from? The house is nice, but it’s nowhere near $99 million nice. It’s not even $60 million nice. The interior looks like a subdued Candy & Candy knockoff. Granted, there are nice details and the quality craftsmanship is obvious, but it just is not at the level of the asking price. Having driven by this countless time, the exterior is really quite subdued, even boring. No ornateness on the outside…almost would be more appropriate for Miami or Coral Gables than Palm Beach. This home was under construction for the longest time ever, and I question why they bothered listing it after finally finishing it. Why did it take 5+ years to complete? The location is nice, but nothing has even come close to this asking price that isn’t direct ocean. With this pricing theory, Jim Clark’s Il Palmetto is worth $300 million since it’s 3X bigger on 3X the land.

    I’ll be intrigued to see what it finally goes for (if it ever does sell). My guess is the $50-$60 million range. With that said, there are so many other PB properties I’d rather have for much less money. Heck, Howard Stern’s new $52 million home is a steal compared to this.

    • Brian

      I suspect the reason that it took 5+ years to complete was that as a spec build, the contractor only worked on on it when not fully committed to paying client projects. The price is intended to garner attention and look like a huge bargain, when any real negotiating begins. There is not a single compelling feature to this property, so it’s hard to imagine anyone paying over 1/3 of this price for a nice lot and not-even-mediocre design, but with high-quality construction. I’m sure it’s at least structurally sturdy – that must count for something.

    • Tony

      Hey Daniel. Weren’t you the one that defended that other home that was fairly similar to this except architecturally uglier lol and it was priced at $65 million. I know $65 million isn’t as bad as $99 million but you you defended that property when I said basically the same thing you are saying now lol.

      • Daniel

        I’d take that “wedding cake” home (as you put it) over this in an instant. At least that had some architecturally variety to it (based on the model). And $65 million is about 33% cheaper than this home – Big difference. As I said, I can’t even begin to fathom how they came up with the asking price for this home, unless it was for attention, as Brian mentioned. The only reason I wouldn’t immediately assume that is because the listing agent is not some no-name amateur or media wh*re. She (from what I’ve seen) tends to price her homes realistically. She ain’t Lawrence A. Moens quiet, but she is rather low-key. This is completely out of left field.

        • Tony

          Ok, but I still say that other house was over priced too based on all the same things that you pointed out. It didn’t have direct frontage. And I thought you argued with me last time that a lot of people prefer not to have direct frontage but maybe that was someone else that said that. Also that other house was on a small lot. Not small by most standards but small for a $65 million plus house. Plus that other house wasn’t that big. Again big by most standards but not big for that kinda price. So I still feel like most the things you pointed out now are exactly what I pointed out last time only this house is even worse cause it is more expensive. But like I said before. A house needs to be on the level of that former Abe Gosman house that Trump sold in order to be $60 million or more. It needs direct ocean frontage. A huge lot. At least 3 acres to be $60 million, and definitely 5 or more acres in order to be $90 million. And it needs to have at least close to 40,000 square feet to be in the $60 million range and i’d say over 50,000 square feet to be in the $100 million range. I think the Gosman/Trump estate was around 80,000 square feet, the ballroom alone was over 10,000 square feet, it was on 5 or so acres, with huge direct ocean frontage. Neither this home or the ice cream cake home compares to the Gosman/Trump estate and I personally don’t think neither are worth their respective prices and based on everything you just said it would seem that you’d agree.

          • Marko

            Has Dmitrij Rybolovlev filed for the permit to demolish Maison de l’Amitie?

          • Tony

            I don’t know if Dmitrij Rybolovlev has filed permits to demolish it. I think I heard rumors that the home had mold and that he was gonna demolish it and rebuild but I haven’t heard anything about it lately so I don’t know whatever happened.

  • Grrrowler

    It’s nice…enough. It doesn’t look too awfully different than every other south Florida mock-Med. The interior is off to a good start, but it’s pretty soul-less currently. The library is the best room, but I don’t like the high-gloss wood. The price is preposterous.

  • Venom

    Meh boring, was just down in Palm Beach, 90% of the homes look the same, literally the only house I truly loved and must have is the Beaux Arts mansion. I would not spend $100 million on this, hell I would not spend $25 million on this to be honest.

    • Marko

      Which one?

      • Daniel
        • Marko

          I presumed it was that one, but I couldn’t remember the owner’s name.

          Thank you!

          By the way, and what is that $65m house Tony has written about? The Linda A. Gary houses list?

        • Venom

          Seriously considering starting up a Ponzi scheme or Bitcoin exchange and after I have stolen enough money I will have you broker the deal to get Malnik to sell this home to me. I must have it.

          • Marko

            Thank you, Daniel!

            The other name for important s a l e s that came to mind was Christina Condon of Sotheby’s.

            I see now that she finally s o l d the 1275 South Ocean Boulevard.

  • Sam

    $99 million for intracoastal access and a highway running between you and the ocean? Even Donald Trump’s 50,000 square foot Palm Beach mansion with 6 acres of OCEANFRONT land sold for less than $99 million! And that was considered one of the nicest homes in the country. No way this tract home will get more than $30 million.

  • Bill_in_NY

    Tsk…all that wasted floor area under the staircase.

  • Tony

    This house is a hot mess!! Now if it were priced at $20 million to maybe upwards of $45 million I’d say its ok for that price range but for $99 million this house just doesn’t measure up. That home that Trump sold only sold for $95 million and it was on like 5 acres with a huge amount of frontage. That Trump home had a ballroom that looked almost as big as this whole house. Also that Trump home had direct ocean frontage and still only sold for $95 million. In my humble opinion and I know everyone won’t agree but I am giving my opinion, a house shouldn’t be priced over $60 million unless it is on around 5 acres at least and if it is in an area where being closer to the ocean matters (areas like Malibu and Palm Beach) then it needs direct ocean frontage and it needs to be massive in size, like around 40,000 square feet or more, and if the price is anywhere near $90 million then it needs amenities like a ballroom and parking for like 100 cars and all those extra details. It needs to be something massive where a billionaire can throw huge balls and fundraisers for 200 guests comfortably. I just don’t feel this home measures up. Anyway this is just my opinion so don’t no body give me crap about it, we all have our right to post our opinion lol. Anyway I’d rather buy this house below that has direct ocean frontage, its a Mizner home on over 1.5 acres, its an amazing home with tennis court priced at only $22 million, you can probably talk that down and then spend a couple million renovating it to perfection and still pay under $25 million total with renovations. Also if size matters then you can probably extend the size of this Mizner house if you can get past the preservation people. The acreage is over 1.5 so its basically the same acreage, so if you could extend the size of the house to upwards of 20,000 square feet then you’d have a home that is pretty much the exact same equivalent plus the historic value of it being a Mizner home and still pay around $25 million total. This home at the link below is a much better deal.

    http://www.trulia.com/property/1055100359-473-N-County-Rd-Palm-Beach-FL-33480#photo-7

    • Daniel

      I think the fact that home hasn’t sold is because it is landmarked, and so no exterior walls can be altered. A lot of people don’t want to deal with the hassle of owning a landmarked home, because it really limits what you can do with the property. With that said, I do think it is a much better deal than the showcase home.

      I think the best deal on the island right now is Ivana Trump’s home in the estates section. Nearly an acre of oceanview land and a very charming home to boot. Needs some modernization but a good price for $18.95 million:

      http://mls.anglerealestate.com/idx/details/homes/a294/14-322/102-Jungle-Road

      • Tony

        Well I agree with everything you just said here. I agree that most people including myself that have that kinda money or aspire to have that kinda money to buy a house like this lol would prefer to just renovate or tear down the existing structure and build something exactly to their liking. I think the only reason you wouldn’t do that is if you are older and don’t want to waste 3 plus years to build a new mega mansion. I mean if you are over 60 you don’t know if you have 3 to 5 years left. So if an older billionaire finds and existing home to their liking I can understand them just buying a spec mega mansion instead of waiting 3 to upwards of 5 years to build a new one. But if you can’t find anything already built that is to your liking and every newly constructed mega mansion available on the market is way over priced then I think it makes more sense to buy a lot or tear down and build something to your liking if you are young enough to wait 3 plus years to build it and if you are older then it would make more sense to settle on an estate like the Mizner estate and make a few minor improvements than blow $60 million to $99 million on over priced crap.

      • Tony

        I just checked out the Ivana Trump home. Its a nice home. But if I had a choice I’d definitely take the Mizner home over the Ivana home. The Ivana home says it is between half an acre to an acre and it definitely looks less than a full acre. The Ivana home has no tennis court. The Ivana home is not direct ocean frontage. The Mizner home is only $22 million and since it is having trouble selling you could probably talk the price down to below the price of the Ivana house. Plus even if you can’t make huge structural changes you should still be able to redo the floors and paint and redo the kitchen and bathrooms and pressure wash and repaint the exterior and do a little landscaping. The Mizner home is not exactly to my liking but as long as I could do some minor renovations I’d be happy overall to have a historic trophy estate in Palm Beach with direct ocean frontage on over 1.5 acres with tennis court. There’s definite value in all that you are getting for the price.

      • Tony

        I just wanted to add that I just took another look at the Ivana home and I must say it is a nicer looking home. The exterior and interior looks better than the Mizner home. Except the swimming pool at the Ivana home looks weird. But I’d still take the Mizner home just cause the overall value of the 1.5 plus acres and DIRECT OCEAN FRONTAGE and tennis court. All those things combined makes up for anything else it is lacking. Plus the Mizner house is still a nice home inside and out, especially after some minor renovations and especially if you update the old fashioned drapes and furnishings it would make a world of difference too.

  • Al Robinson

    Okay, if they can fit THAT many people into the “dining” room, then they really need a bigger kitchen than THAT.

    • Teddi

      Amen. $99 million and that’s the kitchen they came up with?

  • Marko

    I much prefer the Stephen Schwarzman estate next-door. It was demolished and rebuilt. Too bad Ferguson and Shamamian don’t have it on their website.

    I believe it’s called Four Winds, and the first house was designed by Maurice Fatio for Edward F. Hutton.

    It has awful landscaping and the pool is ugly, however.

  • Teddi

    How is this place ANY different from every other well-heeled house in PBC? The only thing that sets it apart is the price and you’re not getting anything special for said price. Yet another gimmick. It’s tasteful yes, but it’s also boring to the nth degree.

    Now we simply wait to see when they come to their senses and how much the price drops.

  • Otessa Regina Compton

    Very elegant and tasteful, but the kitchen looks like it belongs in a $50,000.00 home and definitely could use some life.

    • Sam

      A $50,000 home? Where can you even find one of these?

      • Tony

        IN DA HOOD!!

        • Teddi

          Not even there. I think you have to travel back in time.

          • Tony

            Teddi. I guess you must have grew up in the suburbs. Just take a trip to Detroit. You can buy a house there for $500 or less probably. Do you know what a HUD house is? You can get them in Detroit for cheap. And even the houses that aren’t deemed HUD houses go for $50,000 or less. You can probably even get a 4 bedroom two story in decent condition in and around the Detroit area for $50,000 or much less.

  • Teddi

    Who would want to live in Detroit. I know you can get a house for pretty much nothing, but since those houses are located in areas no one wants to live, in conditions requiring thousands to fix, why bother to even entertain them as options?

  • Tony

    I didn’t say anybody wants to live in the hood. Just saying there are houses that are $50,000 or less in any area where you are in the hood. Not just Detroit. I was just using Detroit as an example cause its the most hood area and the prices are the cheapest.

  • Wanker

    This house was NOT a spec build. This house belongs to Dr. Norman & Nazzerine Traverse from Boston . They are actively using this house .

});

©2016 - Homes of the Rich - All Rights Reserved