The 4.3 acre, former John Kluge estate in Palm Beach may soon be portioned into six lots to be developed as a subdivision or to be sold as vacant lots. When sold, the lots could bring in between $7 and $9 million each.
The Town Council will vote on Wednesday to approve British insurance tycoon Sir Peter Wood’s plans for the 89 Middle Road property, according to Palm Beach Daily News.
“Some lots I might build on, some I might build on with other people, and some we’ll sell,” Wood told Palm Beach Life Magazine about the land on the north side of El Bravo Way.
Wood paid $39 million for the 187,300-square-foot property in April 2016, and bought the land from Columbia University. Kluge had bequeathed the land to his alma mater when he died in 2010. When Wood purchased the land, it housed a 12,700 square foot residence and two other small buildings that have since been leveled.
The official project description seeks approval “to replat 11 existing platted lots.” The plans have been criticized by neighbors who have voiced concerns that the land has been poorly maintained and that carving out plots for six more family homes could overwhelm the historically low-density neighborhood, the Palm Beach Daily News reported.
Wood is a seasonal resident of Palm Beach. He owns the London-based, luxury property development company W One International. In 2014, a predecessor of the company also paid $43 million for three properties including Jimmy Buffet’s former home in Palm Beach.