Categories: Florida Business NewsFlorida News

Palm Beach Sees $31 Million Oceanfront Home Sale

Luxury Oceanfront Home in Palm Beach

News Summary

A stunning oceanfront property in Palm Beach has been sold for $31 million. The mansion, boasting seven bedrooms and luxurious amenities, was purchased by 1160 NOB LLC. Speculations arise about the future of the home, with rumors hinting at potential demolition for a new build. The Maddock family, who sold the property, have deep roots in the area and continue to own additional homes nearby. This sale highlights the ongoing luxury real estate trends in Palm Beach.

Palm Beach Welcomes a $31 Million Oceanfront Home Sale

Palm Beach has recently become the talk of the town as Paul L. Maddock Jr. and Cythlen C. Maddock have successfully sold their stunning oceanfront property located at 1160 N. Ocean Blvd. for a whopping $31 million. This luxurious home, built back in 1991, sprawls over a generous 6,092 square feet of living space situated on a beautiful 0.81-acre beachfront lot.

A Glimpse into the Property

The fabulous mansion boasts seven spacious bedrooms and seven well-appointed bathrooms, perfectly designed for relaxation and entertaining. Imagine hosting evenings with friends in a stylish bar or taking a dip in the inviting pool, all while reveling in spectacular ocean views through large windows. The architectural layout showcases high ceilings that add to the home’s grandeur, truly making it a nest of luxury and comfort.

The Buyer

Now, let’s chat about the new owner of this magnificent estate. The property was purchased by 1160 NOB LLC, which is managed by Erik Moody, an investor with ties to a prominent technology investment fund known as Silver Lake. It’s worth noting that the home was bought at a unit price of approximately $5,088 per square foot, a testament to its desirability and premium location.

Future Plans Uncertain

Interestingly, there are whispers suggesting that the buyer might not be looking to maintain the existing property. Reports are leaning towards the likelihood of the current home facing demolition, making way for a brand new, custom-built mansion. With such a prime piece of real estate, this possibility has sparked a flurry of discussions among the locals.

A Family Legacy

The Maddocks aren’t just selling any property; their oceanfront home holds significant memories and history. They originally purchased it from the estate of Jay Maddock’s father for merely $900,000 in 1991. As descendants of one of Palm Beach’s pioneer families, this location is steeped in local history, making the sale even more poignant.

The Maddocks’ Continued Presence in Palm Beach

Despite bidding farewell to their oceanfront gem, the Maddocks aren’t going anywhere just yet! They still proudly own two additional homes in the Palm Beach area, including a recently acquired four-bedroom house on Sandpiper Drive that cost them $12.1 million. They also maintain a condo at the Waterview Towers in nearby West Palm Beach.

Real Estate Endeavors

Paul L. Maddock Jr. has made quite a name for himself in commercial real estate investment in South Florida. As the CEO of Palamad LLC, he serves on multiple financial institution boards, showcasing his prowess in the business. In addition to personal property transactions, the Maddocks have made significant investments in industrial properties worth nearly $40 million and recently sold a rental home for $6.7 million.

Conclusion

As this intriguing chapter unfolds, Palm Beach residents will be eager to see what the future holds for the latest high-profile oceanfront sale. Will the new owner opt for renovation or a complete rebuild? Whatever the decision, one thing is for sure—this remarkable property will continue to be on everyone’s radar and keep the community buzzing for years to come.