Palm Beach estate returns to market asking $40M

After pulling her sprawling oceanfront Palm Beach mansion off the market for two months, philanthropist Lorraine Friedman is now trying her luck again, listing the property for just under $40 million.

The asking price comes to just over $3,400 per square foot. Friedman and her late husband Jack N. Friedman paid $5.5 million for the 2.3-acre estate at 901 North Ocean Boulevard in 1994, property records show.

The residence includes a two-story, nine-bedroom, 11,686-square-foot home, three guest houses, 300 feet of oceanfront, a gym, and a heated pool with a rock waterfall. Lindy Gary of Linda A. Gary Real Estate has the listing.

The property was put on the market for $38 million in 2012, then $41.9 million in December until it was delisted in February. The new listing was first spotted by Curbed.

The Friedmans founded the Lorraine & Jack N. Friedman Commission for Jewish Education. In 2010, trusts associated with the couple sued Hodgson Russ LLP and its chairman Paul Comeau for more than $70 million of losses from investments they made with Ponzi schemer Bernie Madoff, Bloomberg reported at the time. [Curbed] – Katherine Kallergis