A two-acre patch of land on Palm Beach, just five minutes down the waterfront from Mar-a-Lago, is on the market for $200 million, which works out to about $2,403 per square foot of dirt. The sellers have justified the sticker price with the fact that it’s the only available vacant parcel on Florida’s Billionaires Row that stretches from the ocean to the Intracoastal Waterway. “In Palm Beach proper, there are only approximately 20 properties that expand from ocean to intracoastal, and this property is one of those few exclusive parcels,” Corcoran broker Shelly Newman told Realtor.com.
The plot going for $200 million — a $50 million bump from when it was listed last year — at 1980 South Ocean Boulevard would allow for two separate residences or one big compound. It also comes with renderings and plans drafted by architect Richard Sammons, should the new owner want to save time and money, although one would assume the new owner would have an excessive amount of both. The price is wild, but not exactly wild for the area. William Lauder, of Estée Lauder riches, closed a deal on a comparable parcel just last week — according to The Wall Street Journal, the sale price hasn’t been recorded yet, but the 2.8-acre lot listed for $177.8 million.
Ask the brokers behind 1980 South Ocean, though, and they’ll tell you it’s a steal. “There is no demolition needed, there is no remodeling needed, this property allows for first-time, ground-up, new construction,” Newman said. That sure is one way to describe a patch of dirt!