JUPITER ISLAND, NOTHING SELLS FOR $65 MILLION
July 29, 2017 | Richard Sites
Jupiter Island is one of the most exclusive and expensive areas in the country. A barrier island off the coast, Jupiter Island has an unmatched tropical location with waterfront views of the Intracoastal or the sparkling Atlantic.
When it comes to selling Jupiter Island homes, several residents have tried to sell at around $60-$70 million yet nothing sells at these prices. Let’s take a look at a couple of attempts.
Greg Norman owns what is probably the choicest parcel on the island. How do I know? The original developers of the island, the Reed family, picked this location on the entire island for their personal residence.
The property faces the Intracoastal yet runs all the way through the island to the Atlantic where he has a small beach house.
You might wonder why he would want a home facing the Intracoastal instead of the ocean but the reason is simple. He needed a dock for his yacht and the water is always calm on the Intracoastal side.
When he got into a nasty divorce, he put the house up for sale at $65 million but it never sold.
Celine built a house in Admirals Cove for a reported cost of $22 million. She moved to Jupiter Island and sold the house to Richard Santulli, founder of Netjets, who is still trying to sell it for the reduced price of $7 million.
After the death of her husband, she put the Jupiter Island house on the market in the mid-$70 million range. But even though the house has its own water park, it sat on the market until she finally accepted a figure around $38 million for it.
The Latest Attempt at Getting $65 Million
Now, another resident is trying for the apparently unreachable figure of $65 million.
The compound spans about 12 acres on Jupiter Island from the Atlantic Ocean to the Intracoastal Waterway. Last year he listed roughly 8½ acres of it for $65 million, then took it off the market in March. Now it is returning to market, plus some additional acreage, for a total of $51 million.
He has broken the compound into three parcels and listed each one with a different agent in an attempt to get it sold.
Even Tiger Woods did not pay anywhere close to $65 million when he moved here from Orlando.
He bought an estate formerly owned by the founder of Tire Kingdom, Chuck Curcio then assembled four other homes around it. The total cost was only $38 million.
He then knocked down all the homes so he could build another home, relocated all the trees to the shore of the Intracoastal for privacy and built a couple of golf holes on the property.
Homes on Jupiter Island do not sell for $65 million or anywhere close to that figure. Like all homes, they sell for exactly what a buyer who is not under duress will pay and not a penny more.
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