A company tied to hedge funder Randall Smith has cashed out of an under-construction Palm Beach mansion, selling the project for about $93.3 million and setting a high bar even by island standards.
The eight-bedroom, roughly 13,000-square-foot home at 757 Island Drive sits on nearly an acre on Everglades Island, with about 1,400 square feet of covered outdoor living space. The deal ranks among the season’s priciest lakefront, non-oceanfront trades on Palm Beach, putting a partially finished build right alongside some of the town’s most rarefied sales.
Public records show that 757 Island Dr LLC was the seller, and that a trust managed by attorney Mark Meland bought the property and financed the purchase with a $70 million, 15-year mortgage from Bank of America, according to The Real Deal. That outlet also reports the seller paid about $39.5 million for the corner lot in 2021 and that at least one filing for the selling entity is tied to the Smith family through an Englewood, New Jersey address. The home, described as an art deco inspired design with nautical details by Daniel Menard of LaBerge & Menard, was approved by the Town of Palm Beach’s architectural commission in 2022 and earlier in its listing run was marketed on Serhant.
Rare Corner Lot and Local Scrutiny
The property occupies the southwestern tip of Everglades Island, giving it extended lake views on two sides and turning the lot into a recurring topic during town review sessions. Town archives and architectural records show prior design submissions and official sign-offs that shaped the current plan for 757 Island Drive…