Broadway producer’s Palm Beach estate under contract for record $100M-plus

Casino magnate Steve Wynn reportedly made an offer on the property
By Katherine Kallergis | June 14, 2019 05:34PM

Terry Allen Kramer and 1295 South Ocean Boulevard (Credit: Getty Images)

Terry Allen Kramer and 1295 South Ocean Boulevard (Credit: Getty Images)

The oceanfront Palm Beach estate of the late Broadway producer Terry Allen Kramer is under contract to sell for more than $100 million.

The deal would set a record in Palm Beach for the most expensive single-family home sale, beating the $95 million sale of President Trump’s mansion to Russian billionaire Dmitry Rybolovlev in 2008. Sources confirmed the property is under contract and could trade for between $110 million and $120 million. The Palm Beach Daily News first reported the deal.

The 13-bedroom compound at 1295 South Ocean Boulevard hit the market in October for $135 million. Kramer, a Tony award-winning producer and fixture in the Palm Beach social scene, died in Palm Beach last month. She paid $4 million for the property in 1993, and built the mansion in 1995, records show.

Five Douglas Elliman agents share the listing: Gary Pohrer, Ashley McIntosh, Lisa Wilkinson, Cara McClure and Adam McPherson. Lawrence Moens of Lawrence A. Moens Associates Inc. is representing the buyer, sources told The Real Deal. Moens and Douglas Elliman declined to comment.

Casino resort magnate Steve Wynn made an offer on the property that Kramer turned down before her death, sources said.

Wynn, who resigned last year as chairman and CEO of Las Vegas-based Wynn Resorts amid sexual assault allegations, sold the nearby waterfront lot at 1350 South Ocean Boulevard for more than $20 million in July.

Kramer’s 37,516-square-foot estate, completed in 1996 by architect Jeff Smith, features wrought-iron gates flanked by elephant sculptures and a two-story entrance foyer with 25-foot ceilings, a five-car garage, a boat dock, a fitness center, movie theater and gaming area.

Known as La Follia, the property also has 210 feet of direct water frontage, 2 acres of green space and a private boat dock, according to the listing.

It’s immediately south of Citadel founder Ken Griffin’s sprawling Palm Beach assemblage. Griffin is likely not the buyer, sources said.

Elliman’s McIntosh, and Pohrer, as well as Elliman agent Vince Spadea, are also co-listing the property at 1071 North Ocean Boulevard, which is reportedly under contract, as well. That mansion, once asking $84.5 million, was lowered in price to about $60 million before it went under contract.