Courchene sells non-waterfront Palm Beach spec mansion for $32M

Luxury homebuilder Courchene Development Corporation sold a non-waterfront spec mansion in Palm Beach for $32 million.

Property records show Courchene Development sold the home at 220 Jungle Road to a trust named for the address, with local attorney Louis L. Hamby III signing as trustee. The true buyer is unknown.

The off-market purchase was financed with a $20 million loan from Rocket Mortgage, records show.

The property turned over several times in recent years before landing with Boca Raton-based Courchene, led by Paul Courchene. According to records, the 0.4-acre property sold for $7 million in December of 2020 to an LLC named for the address. Courchene purchased the land for $12 million six months later, in June of last year. The developer bought it with plans for a home that the town approved in 2019, Palm Beach Daily News reported.

Property records have yet to update with details of the newly completed home. Town records show the designs approved were for a two-story, 8,200-square-foot mansion.

Courchene Development has been a boutique luxury homebuilder in Palm Beach County for decades. The firm’s projects include a waterfront spec home in Jupiter it sold for $9.1 million last year, and a spec home in Palm Beach Gardens it sold for $5.3 million in 2018.

The pandemic supercharged the Palm Beach real estate market. A surge of migration to the luxe island spurred demand and raised prices for traditionally less-expensive non-waterfront properties.

Last month, venture capital head Robert Burch and his wife Susan sold their non-waterfront estate for $24 million. That same month, a wealth manager sold his non-waterfront home for $21.3 million.