Billionaire sells Palm Beach home 21% below asking price

George Lindemann got $25.2 million for the home, which he had listed for $32 million

1565 North Ocean Way in Palm Beach
1565 North Ocean Way in Palm Beach

Billionaire George Lindemann and his wife Frayda sold their oceanfront house in Palm Beach for $25.2 million, 21 percent below the asking price.

They listed the house at 1565 North Ocean Way for sale in April 2016 with an asking price of $32 million, which they never reduced.

The Lindemanns bought the 3.4-acre property in 2008 for $23.5 million.

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The renovated brick house and guest house have seven bedrooms altogether, 10,811 square feet of living space and 170 feet of frontage on the Atlantic Ocean.

Cristina Condon of Sotheby’s International Realty was the listing agent, and Corcoran Group agent Suzanne Frisbie represented the unidentified buyer.

Peter Marino of New York City, an architect and interior designer, extensively renovated the house for the Lindemanns, creating Indonesian-inspired interior spaces where the couple displayed their collection of Southeast Asian art. [Palm Beach Daily News]Mike Seemuth