Biggest Palm Beach luxury real estate sales of 2019 show market still sizzling
The island was home to some of the biggest residential property sales in the country
The Santa Barbara, California, 2.5-acre estate formerly owned by Mike Love of the Beach Boys is now on the market.
The Palm Beach real estate market is hotter than ever.
The island was home to some of the biggest residential property sales in the country for 2019, according to data from analyst Jonathan Miller of New York City-based Miller Samuel Inc. as reported by the Palm Beach Post.
A Palm Beach oceanfront view at 1295 South Ocean Blvd. (Douglas Elliman)
Topping the list is the $105 million sale of beauty mogul Sydell Miller's former French-style mega-mansion, reportedly the most expensive single buyer/single seller residential deal ever in Palm Beach County and all of Florida at 1415 S. Ocean Blvd, according to the Palm Beach Post. Miller, the co-founder of hair-and-beauty products brand Matrix Essentials, sold the 4.5-acre oceanfront estate on "Billionaires Row" – south of President Trump's Mar-a-Lago resort – in December to hedge-fund billionaire Steven Schonfeld and his wife Brooke Schonfeld.
1295 S. Ocean Blvd. in Palm Beach. (Douglas Elliman)
The 70,000-square-foot property, known as La Reverie, has 11 bedrooms, 22 bathrooms, a tennis court and an ice cream stand, the Wall Street Journal reported.
1295 S. Ocean Blvd is located on "Billionaires Row" in Palm Beach (Douglas Elliman)
The ultra-luxury real estate market in Palm Beach is still sizzling, partly due to a 2017 tax law that imposed a $10,000 cap on local and state tax deductions in other markets like New York, WSJ reported. This has caused some one-percenters to seek out property in places like Palm Beach, real estate experts suggest.
1071 North Ocean Blvd. in Palm Beach. (Douglas Elliman)
"It's part of the migration pattern that's developing from the Northeast to Florida. It's not just Palm Beach that's seeing an influx," Jonathan Miller, president and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm, told FOX Business adding that the Palm Beach super-luxury market isn't dependent on international buyers but rather owners looking for high-end second homes.
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A few doors down at 1295 S. Ocean Blvd, also on Billionaires Row, Broadway producer Terry Allen Kramer's former ocean estate sold for a reported $104.99 million last June. The property sits on nearly 5 acres of land and has more than a dozen bedrooms.
WHERE DID AMERICANS MOVE IN 2019
And billionaire hedge-fund manager Ken Griffin bought a home for $99.13 million at 60 Blossom Way, reportedly the second biggest dollar-single seller/single buyer deal in Palm Beach, according to the Palm Beach Post.
A French-style oceanfront home in Palm Beach at 1071 N. Ocean Blvd sold for $43.42 million, the Palm Beach Daily News reported. (Douglas Elliman)
Rounding out the list of some of the most expensive properties sold in Palm Beach for 2019 is from a company connected to resort and casino billionaire Steve Wynn, which purchased a sprawling ocean-to-lake mansion at $43 million at 1960 S. Ocean Blvd. in August, and French-style oceanfront home on 2 acres with 35,992 square feet at 1071 N. Ocean Blvd. sold for $40.87 million, the Palm Beach Daily News reported.
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