Waterfront Palm Beach spec mansion sells for $29M — a $15M discount in offseason

It’s the offseason for Palm Beach, but deals are still closing. 

A trust named for the address bought the spec mansion at 584 Island Drive for $28.9 million from the developing entity, Shamrock Island LLC. The Florida entity is managed by local attorney Alison Percy. The true buyers and sellers are unknown.

Margit Brandt of Premier Estate Properties had the listing, and Crista Ryan of Tina Fanjul Associates brought the buyer. Brandt declined to comment on the deal. 

The spec home developer bought the 0.4-acre property on Palm Beach’s Everglades Island for $17.8 million in 2021, records show. The entity hired Carl Sabatello’s Sabatello Construction to build the nearly 7,900-square-foot mansion, which was completed earlier this year, property records show. Designed by Dailey Janssen Architects, the house has six bedrooms, seven bathrooms, one half-bathroom, a pool and 100 feet of waterfront, according to the listing. 

Brandt listed the mansion for $43.9 million in November, Realtor.com shows. The sale price marks a $15 million discount from the original asking price, following a spring season where price cuts helped grease the wheels of a slow-moving luxury market. 

Summer is the offseason for Palm Beach, when seasonal residents depart to cooler climates, and the pace of sales dwindles. Still, eight-figure deals keep closing. Jeanne Siegel, widow of media mogul Herbert Siegel, sold her lakefront mansion for $51.6 million earlier this month. In June, spec developer Todd Glaser and Warhol muse Baby Jane Holzer teamed up to buy their neighbor’s house for $15.5 million. 

The biggest deal of Palm Beach’s busy season was Glaser and his partners’ $152 million sale of Tarpon Island. Brandt brought the buyer.