Lakefront Palm Beach Mansion That Spent 2 Years Languishing on the Market Finally Sells—but Only After Price Was Cut by $16.75 Million

A gorgeous lakefront home in Palm Beach, FL, that spent nearly two years languishing on the market has finally sold—but only after the sellers offered a $16.75 million discount on its original $40.5 million asking price.

The five-bedroom abode was originally listed in February 2023 but faced a desperate struggle to find a buyer willing to fork out such a hefty price. Subsequently, the asking price was decreased multiple times up until December 2024, when it was lowered to $29.9 million.

But even that sum proved unattainable for the seller, who was forced to drop the ask even further—to $23.75 million, in order to offload the home after nearly 24 months of waiting, as first reported by the Palm Beach Daily News.

And while the price is certainly nothing to scoff at, it might also be considered a pretty good bargain given the property’s incredible amenities and breathtaking location.

The 5.5-bath layout spans 6,347 square feet and offers up a contemporary Regency style with dramatic views of the Intracoastal Waterway and the yachts at the Rybovich Marina.

The home’s open floor plan allows for easy indoor and outdoor living. Its features include a living room, formal dining room, and sunny interior loggia.

The family home comes equipped with a bar, an office, a gym, an elevator, a chef’s kitchen, two-car garage, and sweeping views of the lake.

On the second floor, an expansive primary suite flaunts an oversized terrace and dual baths.

Set on almost a half-acre, the outdoor space offers up a pool, dock, and access to the lake trail.

The home had last changed hands in 1995 for $3.9 million. Prior to its debut in 2023, the 1960s-era dwelling, which sits on about 95 feet of waterfront, had not been on the market for some three decades.

The renovated lake house first emerged on the market in February 2023, asking $40.5 million. However, the price was soon dropped to $38,900,000 in May of that year.

Then in September, the price came down a bit more—to $37,500,000. And the new year of 2024 heralded a new lower price of $33,500,000.

Last summer, the price came down once more—to $31,500,000—before finally selling at the even lower sum.

According to the Palm Beach Daily News, the sale marks the first time the property will change hands in close to 30 years.

This price pattern is in keeping with a larger trend, notes Florida real estate agent Cara Ameer.

“Prices are seeing a significant adjustment in all markets across the country, and especially in Florida after markets cooled off after the pandemic real estate boom,” she says.

Ameer attributes this to “insurance, inflation, and prices that shot up sharply” during 2020-2022.

She adds: “It is not unusual for homes in this price range to have longer marketing times and to continually adjust their asking price to ‘find the market’ for their home.

“There’s a saying in the market right now about a property: ‘It may be priced right—but not priced right for this market.’ There is a difference.”  

Christian Angle, with Christian Angle Real Estate, held the listing. Gary Pohrer, with Douglas Elliman, repped the buyer.