A historic oceanfront residence in Palm Beach has been sold for $28 million, marking a significant discount from its original listing price. The estate of Patricia Ann Kahn finalized the sale of the property at 480 South Ocean Boulevard after it spent a year on the market. According to a source, the transaction closed at $10.7 million below the asking price. The identity of the buyer remains undisclosed as the deal has not yet appeared in public records.
Stephen Ploof with Compass and Natalia Gryczynska with Serhant, who co-listed the home through Hilton Hilton, did not comment on details about the buyer. Missy Savage of Brown Harris Stevens represented the purchaser.
Patricia Ann Kahn had owned the house since 1984. There is no previous recorded sale price for this property. Built in 1928, it sits on 0.7 acres and features 150 feet of beachfront. The house offers 4,700 square feet of living space with four bedrooms, four bathrooms, and one half-bathroom. It was designed by Marion Sims Wyeth, an architect known for projects such as Mar-a-Lago and the Norton Museum of Art. In November, the Palm Beach Town Council granted landmark status to this home.
The estate listed the property for $38.7 million in March last year, according to Zillow data, and it had been pending since July.
Local agents note that buyers in Palm Beach often prefer new construction or move-in-ready homes. Ploof commented that selling older homes or properties requiring renovation can be challenging due to strict local regulations regarding design and building processes. However, both he and Gryczynska highlighted attributes such as “the home’s large lot, beach frontage and proximity to town” as key advantages.
“These properties rarely come on the market,” said Gryczynska.
Ploof added: “High-end waterfront properties on the island and anywhere else, they’re in demand,” he said. “That hasn’t changed.”
Recent high-value transactions have continued in Palm Beach this season. Last month saw Ambrose K. Monell sell his lakefront home for $57 million in an off-market deal; private equity billionaire Greg Mondre sold a teardown for $36.3 million; and Anthony Lomangino acquired Villa Flora for $76.7 million.
