Lost Tree Village: Oceanfront home sells for $4,796 per foot
November 18, 2015 | Richard Sites
Lost Tree Village, in North Palm Beach, is one of the most exclusive communities in Northern Palm Beach County. This is why folks like Jack Nicklaus, Jack Welch and Ken Langone call it home. A home on the ocean just sold for $17,000,000 in a cash transaction. This is $4,796.84 per square foot of living space.
The purchase price was this high, and high per square foot, because the home was modest at 3,544 feet of living space but the property was 1.65+ acres with 165 feet directly on the Atlantic Ocean.
Although it is a lovely home, the choice location means that it’s fate is sealed: It will be torn down. After all, Elin Nordegren, ex-Mrs. Tiger Woods, bought an oceanfront home just north on the beach in Seminole for $12 million and demolished it.
In a situation like this, the house itself is not an issue. Since money obviously is not an issue for the buyer, it is the location and community that are important. For another $800-$1,000 per foot the new owner will be able to construct a suitable residence.
Elissa Raethe Kovas, the buyer, was a media consultant and is now a co-designer behind the line ShellKare, a clothing line.
If you think Lost Tree might be the right spot for you, buying a home is the easy part. The second part of the deal is finding a sponsor so you can move in and join the club.
You can see all luxury homes for sale in this area at Coastal Florida Real Estate, but when looking for a special property like the one above, let me show you the best locations and deals. Unlike most agents, I have lived here 25 years and know the market inside and out. You can contact me personally at 561-762-4073.