A Palm Beach spec mansion on the non-waterfront side of Billionaires’ Row traded for $48.5 million.
Property records show a company managed by Nedim Soylemez and George Taylor sold the eight-bedroom, 10-bathroom estate at 1030 South Ocean Boulevard to a trust named after the address. Soylemez and Taylor are co-founders of Lion’s View Holdings, a private investment firm based in Palm Beach.
1030 South Ocean Boulevard (Shawn Hood Photography)
The sale of the 14,017-square-foot mansion was recorded at $48.5 million. Including furnishings and other costs, the buyer paid $50 million for the 0.6-acre property, which is across the street from the ocean.
It was on the market for $52.5 million with Compass agent Chris Deitz. Christian Angle, broker and owner of Christian Angle Real Estate, represented the buyer.
1030 South Ocean Boulevard (Shawn Hood Photography)
The seller received three offers for the property in the six weeks leading up to the closing, Deitz said.
Though it was a spec home, the developers “went absolutely bananas on the finishes” and the overall property, Deitz said. “They went on and above what you would put in a normal house, and blew the budget by $3 million.”
Completion was delayed by supply chain issues with the stone for the exterior of the estate, but once it was completed and furnished, it sold within a month, according to Deitz.
1030 South Ocean Boulevard (Shawn Hood Photography)
Records show the property traded in 2018 for $7.6 million, and the Soylemez and Taylor-led LLC demolished the previous house shortly after that.
Inventory remains low in Palm Beach, where about 50 single-family homes are listed for sale, according to Realtor.com. Houses on the market are asking between $4.2 million and $115 million.
At the top is the oceanfront mansion at 901 South Ocean Boulevard, which sold in September for $64 million. The owner, a Delaware entity, is now looking to flip the estate for nearly double its purchase price. Buyers will often incorporate in Delaware to shroud their identities, and use those companies to buy real estate.
1030 South Ocean Boulevard (Shawn Hood Photography)
1030 South Ocean Boulevard (Shawn Hood Photography)
Recent sales in Palm Beach include Jordanian princess Alia Bint Hussein’s $45.4 million sale last month of her waterfront home at 1330 North Lake Way, along the Intracoastal Waterway, to a Delaware company.
Also last month, Fiji Water founder David Gilmour and his wife, Jillian, sold their home at 5 Golfview Road to a Delaware LLC for $44.9 million.