Palm Beach spec mansion sells for $26M

The home sold for $3,141 psf

Suzanne Frisbie and 1610 North Ocean Boulevard
Suzanne Frisbie and 1610 North Ocean Boulevard

The town of Palm Beach doesn’t see a lot of spec homes. But when they do come to market, they sell quickly and for top dollar.

The Frisbie Group sold a mansion for $25.5 million that it built last year at 1610 North Ocean Boulevard. A land trust tied to attorney Joel Koeppel bought the 8,118-square-foot house for $3,141 per square foot, records show.

According to the Palm Beach Daily News, the home was the last of three side-by-side houses developed by the Frisbie Group.

The island-style waterfront home has six bedrooms and seven-and-a-half bathrooms. The house has water views from every major room, along with a lakefront library, living room, dining room, family room, and two kitchens. It also has two separate guest suites and a four-car garage.

The Frisbie Group bought the property for $9 million in 2016, records show.

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The small island community of Palm Beach scores some of the most expensive sales in the country, but there are few spec homes due to restrictions tied to historic landmark designation, new construction and architectural style.

Developer Robert Fessler set the spec mansion record in 2017 with a $49 million sale at 101 Indian Road in Palm Beach.

In February, Malasky Homes sold a waterfront spec home in Palm Beach for $15.5 million. The developer sold the 5,769-square-foot house at 608 Island Drive for about $2,695 per square foot.

The Frisbie Group is developing Via Flagler by The Breakers in downtown Palm Beach.

In separate transactions this year, Frisbie sold two condos at the formerly named Royal Poinciana Palm Beach development for $20 million.