A historic home located at 480 South Ocean Boulevard in Palm Beach has sold for $28 million, according to information obtained by The Real Deal. The sale price reflects a discount of $10.7 million from the original listing after the property spent about a year on the market.
The seller was the estate of Patricia Ann Kahn, who had owned the property since 1984. The buyer’s identity remains undisclosed, and details of the transaction have not yet appeared in public records. Stephen Ploof of Compass and Natalia Gryczynska of Serhant were responsible for listing the property through Hilton Hilton, while Missy Savage from Brown Harris Stevens represented the buyer.
Ploof and Gryczynska declined to provide information about the buyer.
The residence was constructed in 1928 on a 0.7-acre lot with 150 feet of oceanfront. It includes four bedrooms, four bathrooms, and one half-bathroom across 4,700 square feet. The house 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 as reported by the Palm Beach Daily News.
The estate listed the home for $38.7 million in March last year, with Zillow showing that it had been pending since July.
Local agents note that buyers in Palm Beach often seek new construction or turnkey properties rather than older homes or those requiring significant renovation due to strict design and building regulations in town. However, Ploof and Gryczynska highlighted features such as its sizable lot, beachfront access, and close proximity to central Palm Beach as major attractions.
“These properties rarely come on the market,” said Gryczynska.
Demand for luxury homes remains strong despite limited inventory on Palm Beach Island this season.
“High-end waterfront properties on the island and anywhere else, they’re in demand,” said Ploof. “That hasn’t changed.”
Recent sales activity includes Ambrose K. Monell selling his lakefront residence for $57 million last month in an off-market transaction. Also in February, Greg Mondre sold a teardown property for $36.3 million, while Anthony Lomangino purchased Villa Flora—a historic beachfront estate—for $76.7 million in another off-market deal.
