What’s the going price for an empty lakefront lot in Palm Beach? Apparently $42 million, according to a recently filed deed.
Beauty mogul Sydell Miller sold the 1.7-acre lot at 1440 South Ocean Boulevard to a trust managed by Ronald Kochman, property records show. The seller was 1440 Holdings LLC, managed by Richard Armbruster.
Miller, with her late husband Arnold, sold their hair and beauty products line Matrix Essentials to Bristol Myers Squibb in 2005.
Miller sold the oceanfront estate across the street from the lakefront lot for $105 million in 2019 to billionaire hedge fund manager Steven Schonfeld and his wife Brooke. At the time, It set a record for the tony town of Palm Beach.
Miller paid nearly $43 million for a full floor at the Bristol in West Palm Beach that same year.
She paid $10 million for the lakefront lot in 1999, records show.
Inventory is down and luxury sales are up in Palm Beach. In February, hedge fund billionaire David Tepper closed on his purchase of an oceanfront mansion at 905 North Ocean Boulevard for $68.4 million.
That same month, private equity titan Scott Shleifer paid more than $120 million for the oceanfront mansion at 535 North County Road in Palm Beach, setting a record for residential sales in Florida and marking one of the most expensive home sales in the U.S.
Last week, developer Carl Panattoni sold a vacant oceanfront lot in Palm Beach for $34.2 million, nearly $6 million more than his purchase price a year ago.