An 11,443-square-foot waterfront estate on a two-acre lot in Palm Beach was listed for sale last week for $55 million — and there’s a good chance it may be torn down and replaced with something brand new.
Located at 854 S. County Road, the two-story gated home was built in 1936. It has six bedrooms, 10 baths, a guest house, a formal dining room, bar and oversized family/media room. Outside you’ll find a pool, cabana, putting green, dock and 220 linear feet of frontage on the Intracoastal Waterway.
“You’re exactly one mile to Worth Avenue, and you’ve got sidewalks all the way there,” said Gary Pohrer, a real estate agent with Douglas Elliman Real Estate in Palm Beach, who holds the listing.
According to public records, the home is owned by Darcie G. Kassewitz, a co-owner of the Tampa Bay Buccaneers, and her husband Joel Kassewitz. They acquired the property in March 2010 for $20.5 million. Pohrer said they are selling because they are spending more of their time in Tampa.
According to Douglas Elliman, the median price of a luxury home in Palm Beach in the second quarter of 2021 was $17.75 million, an increase of 26.8 percent from the prior year. There were only 22 luxury homes on the market, tying the record low set in the same period last year.
“The market has never been stronger,” said Pohrer. “The demand in the higher-end waterfront properties is definitely strong, and a house with two acres is like finding a needle in a haystack.”
That acreage, and the frontage on the Intracoastal, are two reasons why the property may end up being purchased by someone who plans to tear down the existing home and build a new one, or at least renovate what’s there.
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