A historic oceanfront property in Palm Beach has been sold for $28 million, representing a $10.7 million reduction from its original asking price after spending a year on the market. The home, located at 480 South Ocean Boulevard, was previously owned by the estate of Patricia Ann Kahn. The buyer’s identity has not been disclosed, and the transaction has yet to appear in public records.
The listing was managed by Stephen Ploof with Compass and Natalia Gryczynska with Serhant through Hilton Hilton brokerage, while Missy Savage of Brown Harris Stevens represented the buyer. Both Ploof and Gryczynska declined to comment regarding the purchaser.
Kahn acquired the residence in 1984, according to available records. No earlier sale price is listed for the property. Built in 1928 on a 0.7-acre lot with 150 feet of beachfront, the house measures approximately 4,700 square feet and includes four bedrooms, four bathrooms, and one half-bathroom. Marion Sims Wyeth—an architect known for designing Mar-a-Lago and the Norton Museum of Art—designed this home. In November, it received landmark status from the Palm Beach Town Council.
The estate first listed the property for $38.7 million last March; Zillow indicates that it has been pending since July.
Real estate agents note that buyers in Palm Beach often prefer new or turnkey homes rather than older properties or those requiring renovation due to strict local building regulations. Despite these challenges, Ploof and Gryczynska highlighted features such as a large lot size, direct beach access, and proximity to town as key selling points.
“These properties rarely come on the market,” said Gryczynska.
Ploof added: “High-end waterfront properties on the island and anywhere else, they’re in demand. That hasn’t changed.”
Recent sales activity supports continued strong interest in luxury real estate on Palm Beach island. Last month saw Ambrose K. Monell sell his lakefront home for $57 million in an off-market deal; private equity billionaire Greg Mondre sold a teardown for $36.3 million; and Anthony Lomangino purchased Villa Flora—a historic beachfront estate—for $76.7 million.
