Palm Beach mansion that once asked $85M is under contract

An oceanfront mansion in Palm Beach that once asked $84.5 million is reportedly under contract.

The property, a never-occupied estate at 1071 North Ocean Boulevard, was first listed for $84.5 million in March 2015. The owners lowered the asking price several times since then, taking it down to about $60 million. It was the most expensive home listing in Palm Beach for about two years.

Philadelphia lawyer and charter-school entrepreneur Vahan Gureghian and his wife, Danielle, a lawyer, own the seven-bedroom, nearly 36,000-square-foot home. It’s now under contract, according to the Palm Beach Daily News, citing Multiple Listing Service data.

Agents Ashley McIntosh, Gary Pohrer and Vince Spadea of Douglas Elliman are the listing agents. They took over the listing in late February. It had been on the market before with Christian Angle of Christian Angle Real Estate.

The mansion sits on a 2-acre double lot with 242 feet of beach frontage with two oceanfront balconies, a massage room, home theater, library, staff quarters and more.

McIntosh, Pohrer and other Elliman agents also have the listing for the 5-acre estate of the late Terry Allen Kramer, a Broadway producer who died earlier this year. Her 13-bedroom, 37,516-square-foot mansion hit the market last year for $135 million, an asking price that if achieved, would set a new record as the most expensive residential sale in Palm Beach County history. [Palm Beach Daily News] – Katherine Kallergis