A newly constructed mansion along the ocean in Palm Beach sold for $57 million.
Naples-based 916 South Ocean Boulevard LLC, an affiliate of Stock Custom Homes, sold the 12,427-square-foot home at 916 S. Ocean Blvd. to Mawa 916 LLC, which listed its registered agent as Palm Beach attorney Louis L. Hamby III. Carol Sollak of Engel & Völkers represented the seller in the deal while Christian Angle with Christian Angle Real Estate worked with the buyer. The price equated to $4,587 a square foot.
The deal is another example of how spec home projects in Palm Beach have become especially lucrative for developers in recent years as more wealthy people move to the town. The developer acquired the 0.84-acre lot for $12 million in 2017.
The home features eight bedrooms, 10 bathrooms, three half-bathrooms, two pools, a beach cabana, a front and rear loggia, a center courtyard with a fountain, an office, and a theater room. A tunnel leads underneath Ocean Boulevard from the main house to the beach cabana and second pool.
