Palm Beach Post

Price paid for single-family home shatters West Palm Beach record

The newly built estate at 2914 Washington Road sold for $11.5 million, according to a deed.

A West Palm Beach mansion just sold for a price that blew by the city’s previous record sale.

The newly built estate at 2914 Washington Road sold for $11.5 million, according to a deed. The buyer is Barbara Seymon-Hirsch, trustee of the Edgewater Trust.

That shattered the record price for a single-family home in West Palm Beach, the 2018 sale of 5615 S. Flagler Drive for $5.02 million.

The property went on the market in 2017 for $13.5 million, while it was still under construction. The mansion was completed in September, and in late March, the seller cut the price to $12.9 million.

The 9,634-square-foot manse on Washington Road was developed by The Aquantis Group. It features six bedrooms, a two-story living room, a library, a wine vault, an elevator, and, in something of a head-scratcher, seven fireplaces.

The house was listed by Ashley McIntosh and Burt Minkoff of Douglas Elliman.

Mansion buyers have taken a breather, Liam Bailey, head of global research at London-based Knight Frank, said during a recent visit to Palm Beach. That explains why premier listings like the Ziff estate in Manalapan have lingered on the market for years. After originally being priced at $195 million, it’s now asking $137.5 million.

However, Bailey said the wealthy haven’t stopped buying altogether.

“Whilst there might be more inventory to choose from, actually the appetite from wealthy individuals has been very strong,” Bailey says. “If they see an opportunity, if it feels like fair value in the market, the appetite is there.”

Original Source: Palm Beach Post