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

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

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.

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