Palm Beach estate sells for over $110M, marking an all-time record

13-bedroom mansion hit the market last year for $135M

TRD MIAMI /
Jun.June 29, 2019 02:22 PM
Terry Allen Kramer and 1295 South Ocean Boulevard (Credit: Getty Images)

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

UPDATED, July 1, 2:08 p.m.: An oceanfront Palm Beach estate sold for more than $110 million, according to sources, marking the most expensive single-family home sale in the tony town.

The late Broadway producer, Terry Allen Kramer, who died in May, owned the 13-bedroom compound at 1295 South Ocean Boulevard. It hit the market in October for $135 million, and went under contract in recent weeks. Sources confirmed to The Real Deal that the sale closed on Friday. The Palm Beach Daily News first reported the closing.

Property records filed on Monday reveal the buyer is Wemio LLC, a Delaware limited liability company. The deeds for the property total nearly $105 million, a price that does not include the broker commissions.

The more than $110 million deal beats the previous record for a residential sale, when now-President Trump sold the estate at 515 North County Road to Russian billionaire Dmitry Rybolovlev for $95 million in 2008. Rybolovlev split the lot into three and has been selling them off.

Gary Pohrer, Ashley McIntosh, Lisa Wilkinson, Cara McClure and Adam McPherson of Douglas Elliman were listing Kramer’s mansion. Lawrence Moens of Lawrence A. Moens Associates Inc. represented the buyer. Elliman and Moens declined to comment on the deal.

Kramer, a Tony award-winning producer and fixture in the Palm Beach social scene, paid $4 million for the property in 1993, and built the mansion two years later, records show.

The 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, boat dock, 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.

Casino resort magnate Steve Wynn made an offer on the property that Kramer turned down before her death, but is not believed to be the buyer. The deal has not yet been recorded in property records.


Related Articles

arrow_forward_ios
Carl Esrey & 119 E Inlet Drive (Credit: Google Maps)

Real estate financier drops $6M on Palm Beach home

Real estate financier drops $6M on Palm Beach home
The late Kate Ford with 300 North Lake Way (Credit: William Jacobellis/New York Post Archives /(c) NYP Holdings, Inc. via Getty Images, and Google Maps)

Ford family estate in Palm Beach lists for $58M

Ford family estate in Palm Beach lists for $58M
Donald Burns and 1021 North Ocean Boulevard (Twitter, Realtor)

Telecom tycoon sells Billionaires Row teardown in Palm Beach for $28M

Telecom tycoon sells Billionaires Row teardown in Palm Beach for $28M
From left: The Bristol in West Palm Beach; 6431 Pine Tree Drive Circle, Miami Beach; 2325 Desota Drive, Fort Lauderdale; and 12520 Seminole Beach Road, North Palm Beach (Realtor, iStock)

South Florida signed resi contracts up in September: Elliman

South Florida signed resi contracts up in September: Elliman
11750 Turtle Beach Road, North Palm Beach (Realtor)

Billionaire businessman sells North Palm Beach mansion for $19M

Billionaire businessman sells North Palm Beach mansion for $19M
Tad Smith and 250 Indian Road (Courtesy of Sotheby's, Realtor)

Former Sotheby’s CEO buys Palm Beach home for $8M

Former Sotheby’s CEO buys Palm Beach home for $8M
Joseph McMillan, CEO of DDG, and Kerry Warwick with 3550 South Ocean

Corcoran takes over sales of 3550 South Ocean

Corcoran takes over sales of 3550 South Ocean
1556 North Ocean Boulevard (Credit: Google Maps)

Wife of South Florida builder sells Palm Beach spec home for $7M

Wife of South Florida builder sells Palm Beach spec home for $7M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...