Software exec sells Palm Beach vacant lot for $17M

The vacant lot sold for $475 psf, records show

Nov.November 22, 2019 08:45 AM
Bill McDermott and 445 North Lake Way (Credit: Getty Images and Google Maps)

Bill McDermott and 445 North Lake Way (Credit: Getty Images and Google Maps)

A software executive sold a vacant lot in Palm Beach for $17 million, after receiving town approval for a new custom home.

Bill and Julie McDermott sold the 0.8-acre property at 445 North Lake Way for $475 per square foot, records show. 444 North Lake LLC, led by Holly Gershon of Boca Raton, bought the property.

Bill McDermott was previously CEO of SAP, which focuses on software for business operations and customer relations. He left the position last month and is now the CEO of ServiceNow, a cloud computing company.

The McDermotts bought the property for $14 million in 2017, records show. The couple received approval this summer from the town of Palm Beach to build a custom home on the site, according to the Palm Beach Daily News.

In October, an heir to the Merck pharmaceutical fortune sold a Palm Beach estate at 1197 North Lake Way Drive for $17 million.

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.

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