A historic Colonial Revival beachfront mansion in Palm Beach, Florida, that underwent an award-winning restoration has finally found a buyer following three years of coming on and off the market.
The 1.3-acre estate went into contract a week ago with a listing price of $25.9 million, according to listing records, though property records won’t list the buyer until the deal closes. The property on North Ocean Boulevard hit the market in 2014 for $32 million. The price has come down multiple times since then.
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John L. Volk, a renowned architect who shaped Palm Beach’s signature style, designed the 1935 home, dubbed "La Tonteria." Volk’s list of high-flying clients included the Vanderbilt, DuPont, Ford and Pulitzer families.
Seller James Harpel, a partner at Palm Beach Capital, bought the home in 2004 for $7 million, according to property records. But it required a major overhaul, and Mr. Harpel reportedly set to work on a multi-million-dollar, multi-year renovation that included replacing all the flooring and exterior brick work, building a detached beach house and adding a wing onto the main house. He decorated with an eclectic mix of Cubist paintings, scenic wallpaper and wood paneling.
The renovations were a "monster job," Mr. Harpel told The Wall Street Journal in 2014. But the intricate work by architect Jeffrey Smith earned the project accolades from local preservationists, including a 2010 Ballinger Award from the Preservation Foundation of Palm Beach.
Mr. Harpel did not immediately return a request for comment.
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The main house has six bedrooms, seven full bathrooms and three half bathrooms, multiple fireplaces and an elevator. Outside, the property has a beach house, pool and tennis court, according to a listing with Christian Angle of Christian Angle Real Estate. Mr. Angle could not be immediately reached for comment.