PB mansion hits the market at $74 million

1220 South Ocean Boulevard and listing agent Jim McCann of the Corcoran Group

A newly-developed waterfront mansion in Palm Beach became the area’s most expensive listing when it hit the market with a $74 million asking price. The 20,000-square-foot home at 1220 South Ocean Boulevard sits on 2.5 acres and has a 12,000-square-foot motor court and 7,000 square feet of loggias, garaging and a guest house. It was developed by Dan Swanson of Addison Development, who privately tried to sell it for $84 million last year but now lists it with Jim McCann of the Corcoran Group. Though nearby mansions sold at a similar price in 2008, this mansion is underneath airplane paths and lacks immediate access to a beach or yacht dockage, which could negatively impact its final price. [WSJ]