Lot prices at new Palm Beach subdivision top out at $14.5 million
The developer of a new subdivision on prime Estate Section land has announced the prices for the four vacant lots being marketed for sale on the former estate of the late billionaire John W. Kluge.
The only remaining lot is already under contract, the Town Council learned earlier this summer before the landlocked subdivision's plat won approval in July. The 3.4-acre property is owned by a development company controlled by Sir Peter Wood, a seasonal Palm Beacher. The subdivision is the 1st major subdivision in the Estate Section in recent memory. The land borders South County Road at the northeast corner of El Bravo Way.
The largest of the lots - at the corner of South County Road and El Bravo Way - is priced at just under $14.5 million or $361/SF. Known as Parcel E, it measures 40,150 SF - or a little more than a Palm Beach acre (40,000 SF).
This subdivision is considered an ocean-block location & only 4 blocks from Worth Avenue. The other 3 lots are on the north side of the property, nearer the cul-de-sac that terminates Middle Road.
- PARCEL A: 17,985 SF along South County Road = $6.895m or $383 SF
- PARCEL B: 30,268 SF nearer Middle Road = $10.9m or $360 SF
- PARCEL C: 21,164 SF on northeast side of the property = $8.25m or $390 SF
With a buyer waiting in the wings, the 5th lot, PARCEL D: faces El Bravo Way and lies east of the largest parcel - it measures 20,361 SF.
Wood's original plan for the property called for 6 lots but he agreed to reduced the number to 5 when neighbors, who hired an attorney, complained to the Town Council in late June. The residents said 5 lots were more in keeping with the character of the Estate Section and would have less impact on homes on narrow-and-winding El Bravo Way. As part of the agreement, the attorney's clients agreed not to appeal the council's approval of the subdivision.
The largest lot was created by merging two smaller lots in the developers original plan. Wood has said he might sell some or all of the vacant lots but also might develop homes there himself or with others. Wood's development company bought the subdivision land last year for $39 million. It was part of a larger estate assembled in the 1990s by late Kluge, who before his death in 2010 bequeather it to Columbia University, which sold it to Wood.
Wood has already sliced off part of the original land he bought. He is selling the property located at 91 Middle Road with a landmarked 1921 house - at $21.9 million. It is not part of Wood's subdivision.
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SARA DORFMAN
Coldwell Banker Real Estate LLC
305-906-2753