A single-family home in the small Town of Palm Beach Shores sold for an astounding $31.1 million last month but whether it will remain as it has for decades or be developed may be in question.
The home on Singer Island with two docks that stretch into the cerulean Intracoastal Waterway just north of the Palm Beach/Lake Worth Inlet sits on 1.5 acres zoned for three-story condominiums, townhomes or a hotel.
It is the latest purchase in a string of big-money sales in the town of just 1,500 residents that has attracted a whirlwind of post-pandemic investors searching for dwindling waterfront lots.
Michael Bozzuto, CEO of a Connecticut-based food distribution company, bought the house at 170 Lake Drive from Molly Fleming, whose family had owned, and lived in, the property for decades.
Palm Beach Shores Mayor Alan Fiers said he believes the intent is to keep the property as a single-family home, but the three-lot parcel would allow for a commercial and multifamily construction.
“We are a laid-back place, but this is a big deal,” Fiers said about the pricey sale. “No one’s jumping up and down and shouting, but everyone is quietly talking about it.”