South Palm Beach home sells 34% below initial ask in 2014

A custom-built oceanfront house in South Palm Beach sold for $5.23 million, 34 percent less than the initial asking price two years ago.

Auto dealer Edward F. Napleton and his wife Anne sold the six-bedroom house at 3496 South Ocean Boulevard, just south of the South Palm Beach border with the Town of Palm Beach.

The house, built in 2005, was listed for sale in late 2014 with an asking price of $8 million, which Edward and Anne Napleton subsequently lowered to $6.75 million.

The 7,725-square-foot residence was built on a lot measuring about a third of an acre with 95 feet of frontage on the Atlantic Ocean.

The new owner is Dr. M. Rahat Faderani of Atlas Medical and Orthopedics, a medical practice it three offices in South Florida.

The listing agents, Jim McCann and Cameron Sydenham of the Corcoran Group, represented Faderani as well in the transaction.

The house is one of several developed in the 1950s and located in an enclave that cannot be seen from Ocean Boulevard. [Palm Beach Daily News] — Mike Seemuth