The Florida estate on the Intracoastal Waterway recently got a $25 million renovation
By Sarah Paynter
Oct. 4, 2024 117 pm ET
A waterfront home in Palm Beach, Fla., is coming on the market for $95 million, making it one of the luxe town’s most expensive listings.
The six-bedroom, roughly 16,000-square-foot estate sits on the Intracoastal Waterway on the North End of Palm Beach island, said listing agent Margit Brandt of Premier Estate Properties.
The seller is Pamela W. Starret, a British investor in the mining and energy industries, who also has a home in Canada. She paid $21.35 million for the estate in 2018, according to public records. Starret has spent winters in Florida since the 1990s, according to her son Michael DesLauriers. She spent about $25 million gut-renovating this house over the past several years, he said.
The house has about 165 feet of frontage on the Intracoastal with a new deep-water dock, Brandt said. Originally built in 2005, the columned Neoclassical house has a first-floor loggia and a second-floor balcony overlooking a new $2 million travertine pool. Amenities include a gym, a 1,400-bottle wine cellar and a movie theater, she said. The roughly 1-acre property has a guest apartment, a pool cabana and a two-car garage.
The columned, Neoclassical-style house was originally builtin 2005. PHOTO: LEGENDARY PRODUCTIONS MARGIT BRANDT PALM BEACH PREMIER ESTATE PROPERTIES
Starret is selling because she is moving to Europe to be closer to family and will no longer be spending time in Florida, DesLauriers said.
Brandt said the property is priced in line with the market, where turnkey homes on the Intracoastal are selling for about $6,000 a square foot. Palm Beach is one of the country’s most expensive areas; the priciest home sale there was a $170 million deal about 2 miles south in 2023, said Brandt. Earlier this year, a private island in Palm Beach sold for $152 million, said Brandt, who represented the buyer.
Homes in Palm Beach sold for an average $24.42 million in the second quarter, up about 45.2% year-over-year. Brandt attributed the rise to low inventory and increased demand.
Source: The Wall Street Journal