A scion of one of Palm Beach’s founding families sold an oceanfront teardown for $31 million, after listing it for $39.5 million in November.
Records show Paul L. Maddock Jr. and his wife, Cythlen Maddock, sold the house at 1160 North Ocean Boulevard in Palm Beach to 1160 NOB LLC, a Florida entity. The true buyer is unknown.
Judge Moss with Sotheby’s International Realty had the listing. Marley Overman with Illustrated Properties and Gary Pohrer with Douglas Elliman brought the buyer.
Paul L. Maddock Jr. is the grandson of Sidney Maddock, an early Palm Beach real estate investor and the developer of the original Palm Beach Hotel. Paul L. Maddock Jr. is CEO and manager of the real estate firm Palamad LLC, which has a property portfolio that spans South Florida. He is also on the board of directors for the Chesapeake Utilities Corporation, according to the Delaware-based electrical conglomerate’s website. And he is a member and director of the Everglades Club, his bio shows.
Maddock’s sister is Palm Beach socialite Mimi Maddock McMakin, who along with her daughters, Celerie and Phoebe Kemble, runs Kemble Interiors.
Paul L. Maddock Jr. and Cynthel Maddock bought the North Ocean Boulevard house for $900,000 in 1991, according to property records. It was built that year on 0.8 acres, and spans 6,100 square feet, with seven bedrooms, seven bathrooms and a pool, records and the listing show. It also includes a private beach parcel with 150 feet of oceanfront and approved plans for a new cabana, according to the listing.
It hit the market for $39.5 million in November, according to Zillow. The listing describes the home as an opportunity to renovate or build anew.
The couple isn’t going far. In November, they bought the house at 232 Sandpiper Drive for $12.1 million, property records show. It’s on 0.3 acres and spans 4,200 square feet, with three bedrooms, five bathrooms and one half-bathroom, according to records.
Palm Beach real estate’s busy season kick-started in November with the election of President Donald Trump. Since then, deals have closed quickly. Earlier this month, a Connecticut car dealer sold his non-waterfront Palm Beach home for $19 million after listing it for $20 million in November. Also this month, financier David Herro sold a renovated non-waterfront estate near Mar-a-Lago Club for $40 million. Last month, Marathon Asset Management CEO Bruce Richards bought a non-waterfront lot with approved plans for a 13,400-square-foot mansion for $19.5 million.