Palm Beach Mansion Sale Breaks $93 Million Record
Key Takeaways
- •Palm Beach mansion at 757 Island Drive sold for $93.3 million to trust buyer.
- •Original owner purchased the 0.9-acre Everglades Island property for $39.5 million in 2021.
- •Covenant House Florida acquired four Fort Lauderdale parcels totaling 2.6 acres for $13 million.
A waterfront mansion still under construction on Palm Beach's exclusive Everglades Island has sold for $93.3 million, establishing a new benchmark for South Florida's luxury residential market.
The property at 757 Island Drive changed hands through a trust purchase, with the seller being 757 Island Dr LLC. The company had acquired the 0.9-acre corner lot in 2021 for $39.5 million, generating a profit of more than $53 million on the transaction.
Palm Beach officials granted approval in 2022 for construction plans featuring an 11,600-square-foot mansion with distinctive nautical design elements. The waterfront location on Everglades Island provides direct access to the Intracoastal Waterway, making it particularly attractive to luxury buyers seeking boating amenities.
Meanwhile, Fort Lauderdale recorded the region's largest commercial transaction with Covenant House Florida's acquisition of four vacant parcels. The homeless shelter organization paid $13 million for properties located at 1701, 1717, and 1743 North Andrews Square and North Andrews Avenue. The combined 2.6-acre site traded at $115 per square foot.
The seller was an LLC managed by Martine Silver, Lori Cobb, and Constance Silver. This acquisition represents a significant expansion opportunity for Covenant House Florida's services to the homeless population in Broward County.
Miami Beach saw substantial activity with Richard and Barbara Lane selling their North Bay Road residence for $25.5 million. The former Olnick Organization chairman and his wife had purchased the 4,500-square-foot home in 2020 for $9 million. The property at 6380 North Bay Road features four bedrooms and four-and-a-half bathrooms, selling at approximately $5,700 per square foot to Varuna 6380 NBR LLC.
In Miami's residential sector, Joshua and Tiffany Woods acquired a modern home at 7610 Southwest 48th Court for $10.1 million. The 6,300-square-foot residence, built in 2019, includes six bedrooms and seven-and-a-half bathrooms. Daniel Undurraga Deves, founder of a grocery delivery startup later acquired by Uber, served as the seller through his LLC.
These high-value transactions demonstrate continued strength in South Florida's luxury market, with buyers willing to pay premium prices for waterfront locations and newly constructed properties. The Palm Beach sale particularly highlights the appeal of under-construction luxury homes that offer customization opportunities for affluent purchasers.
