A historic oceanfront property in Palm Beach has sold for $28 million, representing a significant discount from its original asking price. The estate of Patricia Ann Kahn finalized the sale of 480 South Ocean Boulevard after the home spent a year on the market. The transaction closed at $10.7 million below the initial listing price, according to a source familiar with the deal. Public records have not yet identified the buyer.
Stephen Ploof of Compass and Natalia Gryczynska of Serhant, who held the listing in collaboration with Hilton Hilton brokerage, declined to comment on the identity of the purchaser. Missy Savage from Brown Harris Stevens represented the buyer.
Patricia Ann Kahn had owned the residence since 1984, with no previous sale price available in public records. Built in 1928 on a 0.7-acre lot featuring 150 feet of beachfront, the house offers approximately 4,700 square feet of living space, including four bedrooms and four-and-a-half bathrooms. The property was designed by Marion Sims Wyeth, an architect recognized for his work on Mar-a-Lago and the Norton Museum of Art. In November, it received landmark status from the Palm Beach Town Council.
The estate listed the home for $38.7 million last March and accepted an offer in July, as shown by Zillow data.
Local agents note that most buyers in Palm Beach are seeking new or recently constructed homes that require little renovation. Older properties can be more challenging to sell due to strict design and building regulations enforced by town authorities. However, Ploof and Gryczynska highlighted attributes such as a large lot size, direct beach access, and proximity to town amenities as key selling points.
“These properties rarely come on the market,” said Gryczynska.
Demand remains strong for luxury homes in Palm Beach despite limited inventory this season.
“High-end waterfront properties on the island and anywhere else, they’re in demand,” said Ploof. “That hasn’t changed.”
Recent high-value transactions include Ambrose K. Monell’s off-market sale of his lakefront residence for $57 million last month; private equity executive Greg Mondre’s resale of a teardown property for $36.3 million; and Anthony Lomangino’s purchase of Villa Flora for $76.7 million earlier this year.
