The Real Deal Miami

Netscape co-founder slashes asking price for palatial Palm Beach estate

The renovated property is now $42 million less than initially sought
January 17, 2018 01:30PM

Aerial view of Il Palmetto and Jim Clark (Credit: Andy Frame and Wikipedia)

Internet entrepreneur and computer scientist James Clark just took an axe to the asking price of his waterfront, Mediterranean-style Palm Beach mansion, which is still one of the priciest in the area.

Clark, a co-founder of Netscape and other Silicon Valley companies, is now selling his six-bedroom, 1930s estate at 1500 South Ocean Boulevard for $95 million – that’s about a 31 percent price cut from the $137 million he originally wanted in 2016, according to the Palm Beach Daily News.

Records show Clark paid just $11 million for the 5.14-acre property in1999 and redeveloped and restored it over the course of four years. In September, after failing to attract a buyer, the billionaire reduced the price to $115 million.

Just two months later he lowered it another $20 million, but this time with Lawrence Moens of Lawrence A. Moens Associates, who took over the listing from Sotheby’s International Realty’s Cristina Condon, according to the publication.

The billionaire’s 60,000-square-foot mansion touts some impressive features like an underground tunnel, a wine cellar with space for 20,000 bottles, and two elevators.

To date, Palm Beach’s highest sale price was set by hedge fund manager Ken Griffin, who in 2012 paid $130 million for four adjacent lots on Blossom Way. [Palm Beach Daily News] – Amanda Rabines