Tuesday, April 15, was Tax Day for most, but for someone in Palm Beach, it was closing day on a $27 million home.
The nearly 8,000-square-foot Mediterranean-style residence at 240 N Ocean Boulevard, with direct ocean views and a private, 100-foot beach parcel, closed at exactly $26,670,750.
Jack Rooney at Douglas Elliman and Elizabeth DeWoody of Compass represented the seller, Tiffany Cloutier, who listed it in 2023 for $39 million. Her late husband, George Cloutier, an entrepreneur and small-business consultant, purchased it in 2003.
DeWoody says the sale of 240 N Ocean Boulevard is “a testament to the enduring allure and strong demand for Palm Beach real estate. In these uncertain economic times, many of my clients are turning to tangible assets like real estate as a hedge against inflation. Palm Beach stands out as a particularly safe investment, offering stability and growth even when the broader market wavers.”
Dana Koch of Corcoran Palm Beach represented the buyer, whose name was not disclosed.
“The sale shows that the Palm Beach ultra luxury real estate market continues to be in demand,” says Koch. “Anything on the water that is priced correctly is selling. There are very few waterfront properties in Palm Beach, so it all comes down to very little supply and a ton of demand. These homes are rare, one-of-a-kind properties. I know that we are dealing with uncertain times, but what better place to diversify your portfolio than a tangible asset like Palm Beach real estate? It’s a safe, blue chip investment and a great spot to landbank your money.”
Centrally located on Palm Beach Island, the house is set on approximately 0.4 acres at North Ocean Boulevard and Atlantic Avenue, just four minutes from Royal Poinciana Way and a short distance from Worth Avenue, with its upscale shopping and dining.
The two-story, six-bedroom home, originally built in 1992 and recently redecorated, boasts a waterside pool and ocean views from key rooms.
The large home features a north wing with a kitchen, a dining room and a bedroom suite and a south wing that offers a library and another bedroom suite. Among the amenities are an exercise room and a sauna.
“The demand for waterfront properties in Palm Beach remains incredibly high, fueled by limited supply. While demand is high and supply remains limited, it is still crucial to price properties at market value,” DeWoody says of the overall market. “Notably, the average home price on the Island of Palm Beach has shown a consistent upward trend, indicating buyers’ willingness to pay market prices for the right property.”
She continued, “Palm Beach pricing continues to rise and outpace other luxury markets. This trend highlights the unique value proposition that Palm Beach offers, not just as a real estate investment but as a lifestyle choice.”
“Altogether, Palm Beach not only represents a sound investment but also offers an unparalleled lifestyle, making it one of the best places to live in the world,” she adds.
When asked about what the sale may say about the Palm Beach market, in particular with the current economic strife, Rooney explains, “In relation to the economy, Palm Beach geographically is one of the more limited markets in the world. With oceanfront property, in particular, there’s not much of it in Palm Beach,” he says. “Many of my sophisticated clients would rather have their funds in a hard asset in a place that has limited supply.”
Email tvecsey@danspapers.com with further comments, questions or tips. Follow Behind The Hedges on X and Instagram. For more Real Estate Roundtables from our various magazines, tap this link.
