Palm Beach Vacant Lot Sells for $39 Million in Value Jump

This old house in Palm Beach was demolished last year, and it appreciated $6.2 million.

A vacant home lot at 690 Island Drive in Palm Beach sold for $39.2 million, appreciating $6.2 million from its sale a year ago. The 0.84-acre lot was previously home to a lakefront estate owned by home improvement TV show host Bob Vila of “This Old House” and his wife, Diana Barrett. The pair sold the property last June for $33 million, and the 1949-built home was torn down two months later.

A trust associated with local attorney Scott Hoffman sold the lot to an entity managed by attorney Paul Krasker, the South Florida Business Journal reported.

Christian Angle of Christian Angle Real Estate represented the seller, and Suzanne Frisbie of Corcoran Group brought the buyer.

The lot includes 175 feet of intracoastal water frontage and a private dock.

Older estates in Palm Beach are steadily being replaced by modern mansions. As prime land becomes increasingly scarce across South Florida, wealthy buyers are paying a premium for vacant and teardown properties, driving up the land value.

The 2026 first-quarter median sales price for residential properties in Palm Beach rose 13 percent compared to last year, while inventory fell 17 percent, according to Sotheby’s International Realty.

Last month, luxury home developer Alex Pirez acquired a 1-acre waterfront property in Gables Estates for $24.3 million, with plans to replace the 1999-built home with a new mansion, The Real Deal previously reported.

At the same time, Douglas Durst of the family-run New York City real estate company The Durst Organization and his wife, Susanne, sold their Palm Beach teardown for $14.9 million.

Last year, the Wall Street Journal reported that a potential Palm Beach teardown belonging to the late developer Murray Goodman and his wife, Joanie Goodman, hit the market for $185 million. —Grace McClung