A nearly 23,000-square-foot mansion hit the Palm Beach, Florida, market for $61.5 million this week, making it the fourth most expensive house on the market on the island.
The new-construction property is owned by Keith Frankel, CEO and founder of vitamin manufacturer Vitaquest International, and his wife, Tammy Frankel. Mr. Frankel did not immediately respond to request for comment.
Prepare to be shocked: a billionaire has purchased the most expensive home ever sold in Chicago. Hedge funder Ken Griffin has bought the penthouse at No. 9 Walton—plus the three full-floor units beneath it—for $58 million https://t.co/relWDGVIOI pic.twitter.com/yttQV5t05G
— Mansion Global (@MansionGlobal) January 19, 2018
Although the couple decided not to move into the house, it was built with their affinity for the Bermudan style in mind, said Mark Marsh, architect of the property.
With white walls and classic lines, the house stands apart from the area’s comparable offerings, said Jay Dewing, listing agent from the property. “Everything else that is on the market at this price point is in more of a Mediterranean style,” he said.
The house, which is the fourth most expensive on the island’s market, according to data on Realtor.com, sits on Billionaire’s Row, a stretch of Ocean Boulevard stocked with luxury properties fronting both the ocean and Lake Worth. Palm Beach’s average luxury sales price in the final quarter of 2017 was $17.5 million, according to Douglas Elliman.
The seven-bedroom, 14-bathroom (eight full, six half) house features a theater, infinity pool, spa, four-car garage and a guest house. It also has a separate three-bedroom guest wing with its own living area and elevator access.
The house boasts two waterfronts. Sitting on nearly two acres of land, the property includes 200 feet of Palm Beach’s famed Atlantic beach, and 180 feet of Lake Worth’s shore, according to Sotheby’s International Realty.
Nearly surrounded by water, the house was built with hurricane protection in mind, according to Mr. Marsh. It’s situated at one of the higher points on the island, at 19.4 feet above sea level, he said, which is about 12 feet above the area’s flood zone.
Even so, the house was built on a concrete pile foundation, a deep type of foundation which will allow the structure to stay in place even in the face of powerful storms. “It’s almost indestructible,” Mr. Marsh said.
The house sits less than two miles south of President Donald Trump’s golf and beach resort Mar-a-Lago, otherwise known as “the winter White House.”
While having the head of state nearby may be glamorous, it can also be a bit of a logistical headache. When the president is in town, Mr. Dewing said, “we definitely are all affected by the traffic.”
Still, Mr. Dewing said that Palm Beach continues to draw some of the world’s wealthiest people because of its climate, renowned dining, small-town charm and accessibility to larger cities like Miami and Fort Lauderdale.
Follow Mansion Global:Facebook | Twitter | Instagram | LinkedIn | Messenger
Write to us: firstname.lastname@example.org