An heir to the Merck pharmaceutical fortune sold a Palm Beach estate for $17 million after initally listing the home for $27 million three years ago.
George F. and Adele Merck sold their 9,878-square-foot home at 1197 North Lake Way Drive for a 37 percent discount off the original asking price from 2016. Property records show 1197 North Lake Trust Agreement, which lists Palm Beach attorney M. Timothy Hanlon as the trustee, bought the mansion.
George F. Merck is the son of the late George W. Merck, the former president of the Kenilworth, New Jersey-based Merck pharmaceutical company. Merck is one of the largest pharmaceutical companies in the world with over 69,000 employees and revenue totaling $42.3 billion in 2018, according to its website.
The six-bedroom, seven-and-a-half bathroom Palm Beach home was custom built for the Mercks in 2003. They demolished the previous 1930s-era home. The property also features a pool and 165 feet of frontage on the Intracoastal Waterway.
Liza Pulitzer with Brown Harris Stevens of Palm Beach represented the seller in the deal, while George Weston of the Corcoran Group represented the buyer, according to Realtor.com.
The Mercks purchased the 0.74-acre property for $3.5 million in 1997, records show.
The ultra-high-end residential market in Palm Beach boomed over the summer, during what is typically the off-season. Fourteen single-family homes totaling more than $343 million in sales volume closed in July, according to MLS and Palm Beach County data compiled by Premier Estate Properties.