An oceanfront home in Palm Beach has sold for $48.5 million, making it one of the most expensive residential sales on the island this year.
The nearly two acres of property are located on the coveted north end of Palm Beach at 1519 North Ocean Way. The European-inspired villa was listed with Dana Koch and Allison Wren of The Corcoran Group. The buyer was represented by Tom Shaw of Sotheby’s International Realty – Palm Beach Brokerage.
“The sale speaks to the strength of the Palm Beach waterfront market. Direct oceanfront is the gold standard, and we have very little waterfront supply,” Koch tells Behind The Hedges. “In fact, there are only 12 waterfront homes currently on the market. Buyers understand that Palm Beach is a great place to landbank their money, especially in uncertain times.”…