British millionaire philanthropist Peter Lampl is looking to sell his South Florida vacation home.
Lampl is listing the nearly 2-acre estate at 3545 North Ocean Boulevard in Gulf Stream for $20.95 million with Douglas Elliman’s Randy Ely and Nicholas Malinosky. Property records show the Sutton Company owns the beachfront home. A notice of commencement filed in 1999 lists Lampl as the true owner. Ely and Malinosky declined to name the owners, which they identified only as British, but said they are listing the property because they aren’t using the vacation home as much as they used to.
Lampl, the founder and chairman of the Sutton Trust and the Education Endowment Foundation, also founded the Sutton Company, a private equity firm in New York City, London and Munich. Florida corporate records show Bruce Hood, an international tax attorney based in New York, controls Sutton. The company paid $5.15 million for the 14,000-square-foot mansion in 1997.
Ely and Malinosky, who recently left the Corcoran Group for Elliman, said the 230 feet of ocean frontage is the most significant feature of the property. “It’s very difficult to find a piece of oceanfront that large anywhere in Palm Beach County,” Ely said. The home, built in 1958 and updated over the years, could be gut-renovated or demolished and replaced with new construction, and a new house could sell in the $40 million range, Ely said.
The estate includes a study, media room, master wing, staff quarters, a putting green, and a pool on the west side of the property. “You can entertain in the evening around the pool and be out of the wind,” Ely said. “Most people build [pools] on the ocean and they can’t entertain as much.”
The Elliman team said most of their buyers are coming out of the Northeast and out of California, and where they expect to find a buyer for the Gulf Stream home.
The nearly $21 million asking price breaks down to about $1,500 per square foot for the house and $245 per square foot for the land.
In February, a spec home nearby at 3333 North Ocean Boulevard sold for $18.5 million, or $1,920 a foot for the home and $330 per square foot for the land, which has 125 feet of ocean frontage. Ely and Malinosky represented the sellers of that property as well.