Malasky sells Palm Beach spec home for $15.5M

The newly completed waterfront home on Everglades Island sold for about $2,695 per square foot

608 Island Drive
608 Island Drive

Malasky Homes sold a recently completed waterfront spec home in Palm Beach for $15.5 million.

The developer sold the 5,769-square-foot home at 608 Island Drive for about $2,695 per square foot. A trust controlled by the Koeppel Law Group of West Palm Beach bought the home. The true buyer is unknown.

The waterfront property has five bedrooms, six-and-a-half bathrooms and sits right on the Intracoastal Waterway on Everglades Island. It was completed this year.

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Malasky bought the site from former Bear Stearns executive Denis P. Coleman and his wife Annabelle G. Coleman in 2016 for $6.49 million, records show.

Before the new spec home was built, the lot housed a 4,449-square-foot home built in 1962.

West Palm Beach-based Malasky Homes is a full-service home building company owned and operated by the Malasky family.

The company recently sold a spec home in Palm Beach to the founders of BuyBuy Baby Richard Feinstein and Jeffrey Feinstein for $21 million.