Palm Beach Mansion Hits the Market for $60 Million, More Than Double Its 2020 Sale Price

Palm Beach Mansion Built for Mattel Exec Lists for $60 Million

A home built by a former Mattel CEO in Palm Beach, Florida, has hit the market asking $60 million, more than double the price it last traded for in 2020.

The seven-bedroom Mediterranean-style home on South Ocean Boulevard was built in 2015 by former chief toymaker Christopher Sinclair and his wife, Margaret. The couple purchased the vacant lot in 2013 for $8.7 million and sold the finished home in June 2020 for $24.2 million to the current owner, who could not immediately be identified.

The two-story home spans over 11,000 square feet and features classic Mediterranean characteristics, including a red-tile roof and white-stucco facade, palatial pillars, repeated arched entryways and a covered loggia. The home is located across the street from the ocean and comes with deeded ocean access with 100 feet of frontage.

The interiors include an ocean-facing living room; a wood-paneled library; a formal dining room, and a club room with a full bar and an eat-in chef’s kitchen. The rear of the home faces a yard with a heated pool, built-in spa and poolside cabana. Covered patios facing both the pool and the ocean offer blends indoors and outdoors.

The home was listed earlier this month with Dana Koch of Corcoran Real Estate with a $60 million price tag, given that the seller expanded and renovated the home, she said. The seller added around 2,000 square feet to the 2015 structure, including two bedrooms, two bathrooms, a laundry room, and an additional bedroom or office, in order to better accommodate family and friends during holidays.

“He wanted them all under one roof,” said Koch, declining to provide further details about his client.

In addition, the seller hired noted interior designer Daniel Romualdez to redo the interiors and furnishings and the home will be sold in turnkey condition.

The expansion, plus market fundamentals justify the price, Koch said. “The market dictated the price. It’s priced in line with the rest of the waterfront in Palm Beach.”

Demand for exclusive Palm Beach properties has risen since the Nov. 5 election, with sales including that of Goya heir Andy Unanue and other properties near Donald Trump’s Mar-a-Lago estate.

While the final numbers for the fourth quarter have yet to come in, they may be an improvement over the third quarter, when 13 single-family sales closed on the island at a median price of $9.2 million, compared with 25 sales in the previous quarter, according to data from appraisal company Douglas Elliman. On the luxury end, Palm Beach saw six sales with a median price of $14 million close in the third quarter, compared with 11 sales at a $39 million median price in the second, which was something of an outlier.

The current owner of the South Ocean house is looking elsewhere, however. “This seller has multiple homes all around the world,” Koch said. “He’s looking for his next adventure.”