The Real Deal Miami

Netscape co-founder lists Palm Beach estate for $137M

Clark paid only $11 million for the 5.14-acre property in 1999

August 25, 2016 02:15PM

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Il Palmetto Andy Frame and Jim Clark

Aerial view of Il Palmetto (Credit: Andy Frame). Inset: Jim Clark

Internet entrepreneur and computer scientist James Clark will list his waterfront, Mediterranean-style Palm Beach estate for $137 million.

Clark, a cofounder of Netscape and other Silicon Valley companies, is looking to sell the 1930s mansion with six bedrooms, an underground tunnel, a wine cellar with space for 20,000 bottles, and two elevators. In addition to the 60,350-square-foot house, Clark built a a two-bedroom beach house with an infinity swimming pool on the ocean side of the property, which is separated by Ocean Boulevard – but reachable via the tunnel.

Cristina Condon of Sotheby’s International Realty will list the estate, also known as Il Palmetto, at 1500 South Ocean Boulevard, according to the Wall Street Journal.  Condon told the newspaper the Clarks want to sell the property because they’re spending less time in Palm Beach.

Records show Clark paid only $11 million for the 5.14-acre property in 1999 and redeveloped and restored it over the course of four years, the Journal reported. Among the restorations? A “Moroccan Room,” a carved wooden ceiling in the living room and wine cellar carved out of limestone.

The listing puts it in the top 10 most expensive listings in the country. At No. 1 is the nearly Ziff family estate, which was listed for $195 million last year. And next up is Le Palais Royal, on the market for $159 million. The Ziff property also has its own underground tunnel, according to the Wall Street Journal. [WSJ] – Katherine Kallergis