Spec mansion in Palm Beach fetches $44 million

An oceanfront mansion built on speculation in Palm Beach sold for $44 million just two months after the developer listed it for sale.

Palm Beach resident Pat Carney developed the house and sold it furnished. Corcoran Group agent Jim McCann listed the new house for sale on January 12 with an asking price of $55 million.

Neither Carney nor McCann was unavailable for comment.

Preliminary information recorded with the deed in the Palm Beach County Clerk’s office did not identify the buyer, represented by Corcoran Group agent Suzanne Frisbie.

1695 North Ocean Way in Palm Beach (Credit: Sargent Architectural Photography

The residence at 1695 North Ocean Way is the third newly built and furnished mansion that Carney has sold in since last summer. The sales totaled of $108.1 million. The other two residences are on North Lake Way in Palm Beach and on South Ocean Boulevard in Manalapan.

The property at 1695 North Ocean Way has five bedrooms and four more in a free-standing guesthouse. The living space indoors and outdoors spans a total of 24,000 square feet. There are two swimming pools, one on the east side of the house and one on the west side, and a 12-car garage.

Architect Carlos Martin of Margate designed the residence and Woolems Inc. built it. Marc-Michael Interior Design of Winter Park designed the interior. [Palm Beach Daily News] — Mike Seemuth