A historic oceanfront property in Palm Beach has been sold for $28 million, reflecting a significant discount from its original asking price. The estate of Patricia Ann Kahn finalized the sale of the home at 480 South Ocean Boulevard after it spent a year on the market. The transaction, which closed at $10.7 million below the initial listing price, has not yet appeared in public records and the buyer’s identity remains undisclosed.
The listing was managed by Stephen Ploof of Compass and Natalia Gryczynska of Serhant, with brokerage Hilton Hilton. Missy Savage from Brown Harris Stevens represented the buyer in the deal. Both Ploof and Gryczynska declined to comment on details regarding the purchaser.
Property records indicate that Kahn had owned the residence since 1984, with no prior recorded sale price. Built in 1928 on a 0.7-acre lot featuring 150 feet of beachfront, the house includes four bedrooms, four bathrooms, and one half-bathroom across 4,700 square feet. Renowned architect Marion Sims Wyeth—who also designed Mar-a-Lago and the Norton Museum of Art—was responsible for its design. In November, the Palm Beach Town Council granted landmark status to the home.
According to Zillow data, Kahn’s estate listed the property for $38.7 million in March last year and it had been pending since July.
Real estate agents note that buyers in Palm Beach often seek new or turnkey homes rather than older properties or those requiring construction work due to strict local regulations on design and building processes. However, Ploof and Gryczynska highlighted features such as a large lot size, direct beach access, and proximity to town as key selling points for this particular property.
“These properties rarely come on the market,” said Gryczynska.
Demand for luxury homes on Palm Beach Island remains strong despite limited inventory.
“High-end waterfront properties on the island and anywhere else, they’re in demand,” said Ploof. “That hasn’t changed.”
Recent high-value transactions include Ambrose K. Monell’s lakefront home sale for $57 million last month; private equity billionaire Greg Mondre’s teardown flip for $36.3 million; and Anthony Lomangino’s purchase of Villa Flora—a historic beachfront estate—for $76.7 million earlier this year.
