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Waterfront Palm Beach home sells for $33M after nearly 30 years in family’s hands
Sellers bought the house for $3.5 million in 1992
A Palm Beach waterfront home sold for $32.6 million, after nearly 30 years in the hands of the same family.
Records show Gertrud Turklitz 482 Island Drive AG sold the house at 482 Island Drive to The 482 Island Drive Trust, with Palm Beach attorney William W. Atterbury III as trustee.
The Swiss selling entity lists Achim Turklitz as its sole shareholder. Turklitz is the son of Arno and Gertrud Turklitz, the original owners of the home. The two bought the house for $3.5 million in 1992. It was built in 1959.
The house was first listed in 2010 with an asking price of $29.9 million. After price changes over the years, it was most recently asking $36 million in April.
Christian Angle of Christian Angle Real Estate represented the seller, while Crista Ryan with Tina Fanjul Associates represented the buyer.
The 6,014-square-foot house has five bedrooms, five full bathrooms and two half-bathrooms. The waterfront lot spans just over half an acre and includes a pool and a one-bedroom, one-bathroom guest house above the garage, according to a floor plan included in the listing.
Records show the Swiss entity also formerly owned the neighboring lot until 2015, when it sold the property for $8.4 million. The Turklitz family bought the lot for $1.4 million in 1993 to preserve their eastward views, according to the Palm Beach Daily News. A house was built on the lot in 2018.
The latest sale is among many others high-priced deals recently in Palm Beach. Just this month, the managing partner of a hedge fund flipped a home for $7.3 million; another hedge funder, Igor Tulchinsky, bought an oceanfront estate for $40 million; and Tommy Hilfiger purchased a $21 million home.