A Palm Beach waterfront home at 1191 N. Lake Way has sold for $4.8 million, down from its original asking price of $5.9 million. The 3,500-square-foot, five-bedroom house was purchased by Malcolm McCluskey, a Palm Beach resident who lives 220 Mockingbird Trail. He was represented by Fite Shavell & Associates agent Thor Brown; the brokerage also handled the listing through sales associates Gary Pohrer and Chris Deitz. [Palm Beach Daily News]