Luxury homebuilder Mark Pulte sells Palm Beach estate for $33M
The mansion hit the market in February for nearly $43M
UPDATED, May 1, 4:17 p.m.: Luxury homebuilder Mark Pulte sold a lakefront Palm Beach estate he recently completed for $33.2 million.
Property records show 446 North Lake Way LLC, led by Pulte, sold the six-bedroom, 13,451-square-foot mansion at 446 North Lake Way to a Delaware LLC with a hidden owner.
The property, on the west side of the island, hit the market in February for nearly $43 million with Palm Beach broker Lawrence Moens of Lawrence A. Moens Associates. It sold for 22.5 percent less than its asking price.
Jim McCann of Premier Estate Properties represented the buyer.
The lot previously sold in 2017 for about $14 million. Stephen Levin, the founder of Gold Coast Beverage Distributors, sold the property to Pulte.
Pulte, founder, president and CEO of Mark Timothy Inc., and his investors have built and sold a number of luxury spec homes in Palm Beach, Manalapan, Ocean Ridge and Boca Raton.
This latest sale is the highest-priced residential property to close in Palm Beach during the pandemic. Earlier this month, the estate of a late finance executive sold the home at 130 Banyan Road for $11.1 million.
Palm Beach experienced a record year in 2019, with two deals closing for more than $100 million each. Moens was involved in both sales.
Hedge funder Ken Griffin has amassed the largest portfolio of residential land on the island, paying about $350 million over the years. He recently closed on a $49 million mortgage for one of his oceanfront estates.