An intriguing real estate riddle is unfolding in the tony Florida community of Palm Beach, where a prime oceanfront property has reappeared on the market for $39.5 million—just months after it was purchased for a much lower price.
At the heart of the estate sits a dated mansion that is presented in its listing as a prime candidate for “updating, renovating, or creating a custom home.”
In other words, the property is being sold primarily for its land value, while the residence is considered a teardown that might serve as a foundation for a luxurious future abode…