Vacant Palm Beach Plot Sells for $58 Million—After Plans for Waterfront Megamansion Were Scrapped Amid Local Uproar

An empty waterfront plot in Palm Beach, FL, has been quietly sold for the sky-high price of $58 million—after previous plans to construct a lavish mansion on the property were abandoned in the wake of furious outcry from local residents.

The parcel, which spreads over 1.24 acres and includes 150 feet of direct water frontage, had originally been listed for sale with an even higher asking price of $74.5 million in April 2023, around one year after several Palm Beach residents raised concerns about the "super-sized structure" that was planned for the plot.

Despite the uproar over the spec mansion meant to occupy the land, the listing for the vacant plot still touted it as being "one of the last opportunities left on the island for residential construction of a personal residence" and made no mention of the potential battle a buyer might face to get their dream dwelling approved.

Still, the property struggled to find a buyer, spending more than two years on the market before eventually selling on Oct. 14, according to Realtor.com® records.

It is currently unclear whether the buyer is another builder, or perhaps a resident hoping to turn the empty land into their perfect waterfront abode.

The seller, meanwhile, is understood to be Stock Development, a luxury-home builder based out of Naples, FL, which purchased the North Ocean Boulevard property for $34.2 million in February 2021 via an LLC registered in the address of the land.

Intriguingly, the parcel does boast a connection to another mysterious Palm Beach property—a nearby teardown that was purchased for $31 million in March of this year, before appearing back on the market in September with a much higher asking price of $39.5 million.

As first reported by the Palm Beach Daily News, the LLC used to purchase that dwelling is managed by financier Erik Moody, whose name also appears on records pertaining to the LLC to which the vacant Palm Beach plot is registered.

Listing agent Gary Pohrer of Serhant also has ties to both properties. He represented the most recent buyer of the vacant lot and also worked with the buyer of the $31 million mansion. He is now registered as the agent for its new listing.

Now, the future of both properties remains shrouded in mystery—however it is clear that the buyer of the empty land, which sits just a few minutes' walk from the Palm Beach Country Club, will need to tread carefully when it comes to plans for a prospective home.

Stock Development made two attempts to get its plans for a spec mansion approved by local officials, only to be turned down on both occasions amid outcry from residents.

More than 15 neighbors wrote letters of objection to the planned construction, claiming that the proposed dwelling would dwarf the surrounding homes—a view that the local Architectural Commission agreed with, according to the Palm Beach Daily News.

At a 2022 planning meeting, commissioner John David Corey described the home as being "completely out of scale," noting that it looked "like [someone] took a bike pump to it and pumped it up."

"We’re going to have to come up with ways to bring this thing down," before architecture firm Dailey Janssen Architects was asked to redesign the dwelling on a smaller scale.

Stock Development had previously described the planned dwelling as an "extraordinary oceanfront estate," noting that the property would continue its "legacy of creating grand estate homes as masters of craft."

Updated 2023 plans seen by Realtor.com show that the proposed abode was meant to span more than 18,000 square feet, including a separate guesthouse, when finished.

The spec home was meant to feature luxurious amenities that included a staff wing, a private gym, a movie theater, a wine cellar, a sauna, an elevator, and a library.

The primary bedroom was designed to occupy an entire wing of the second floor of the house and was intended to feature two separate walk-in closets and two bathrooms, as well as a private veranda overlooking the pool and spa.

Updated plans that were dated March 29, 2023, show that the proposed dwelling was pared back from its original design—and those plans also included images and measurements of neighboring homes in an apparent bid to show that it would in no way outsize the existing structures in the area.

One page called attention to the fact that the home to the left of the property covered 20.3% of its lot, while another nearby home occupied 26% of its parcel. By comparison, the proposed estate would only cover 16% of its 1.24-acre land.

However, that argument appears to have fallen on deaf ears, with the Architectural Commission officially rejecting the updated plans the following month.

While the $58 million price tag attached to land with such a contentious history might seem high, it is by no means out of line with the Palm Beach market—where one prime oceanfront parcel is currently on the market for $200 million.

The two-lot, 2-acre offering incorporates water-fronting land that stretches out to the ocean and, on the other side, to the lake. Its listing states that the "notable high elevation" for a waterfront lot allows for the possibility of building two homes on the land.

Days before that property was put on the market, billionaire Estée Lauder heir William Lauder sold a similar two-lot Palm Beach parcel for $178 million.

Both plots were occupied by homes, which Lauder razed before putting the vacant lot on the market for $200 million in 2023. He later lowered the price to $177.8 million, but managed to find a buyer willing to pay just over that figure.