An oceanfront Palm Beach property on the North End that hadn’t been on the market since it was built more than 30 years ago sold late last month for $31 million.
Real estate investor Paul L. “Jay” Maddock Jr., whom The Palm Beach Daily says hails from one of the island’s original families, and his wife, Cynthlen “Lynn“ Maddock, built the residence at 1160 N. Ocean Blvd in the early 1990s, after the purchased the near-acre property for $900,000.
The original asking price for the house last fall was $39.5 million. The last ask was $34.5 million.
The Maddocks were represented by Sotheby’s International Realty agents Judge Moss and John Dewing, who is the son of Lynn Maddock.
The 7,968-square-foot, custom-built home sits on a 0.81-acre property with its own private beach parcel and 150 feet of ocean frontage. The listing says it offers “a prime opportunity to update, renovate, or create your custom dream home,” the listing description says, noting it already has high ceilings,” an airy, open ambiance, while the windows fill the living areas with natural light and showcase exceptional Palm views.”
There is also a detached separate pool house, which, together with the main house, provides seven bedrooms and seven bathrooms.
The buyer was listed only as 1160 NOB LLC, according to the deed that was recorded March 26.
Gary Pohrer of Douglas Elliman and Marley Goodman Overman of Illustrated Properties represented the buyer.
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