$59M Oceanfront Estate in Palm Beach Is This Week’s Most Expensive New Listing

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A posh estate in Palm Beach, FL, on the market for $59 million is this week’s most expensive new listing on realtor.com®. The 2.25-acre property stretches from the Atlantic Ocean to Lake Worth.

The vast spread appears to be linked to Venezuelan banker Victor Vargas, according to public records and news accounts. The property was purchased in 2005 for $33.6 million. Even if it sells for under the current asking price, it’s still a nice return on investment.

Also quite nice? The mansion itself.

“An incomparable retreat,” the listing states, “the villa stands out as a breathtaking example of Palm Beach style, combining European elegance and contemporary comfort.”

Built in 2003, with approximately 24,600 square feet of living space, the estate boasts designer interiors by Juan Pablo Molyneux. The eight-bedroom mansion also features a library, formal dining room, and living room with french doors that open to a terrace. Luxe amenities include a billiard room, chef’s kitchen with butler’s pantry, wine cellar, and staff quarters, as well as a guesthouse, pool house, and six-car garage.

Finishes include coffered ceilings, stone fireplaces, gilt-embossed leather walls, and trompe l’oeil decor on the ceilings.

Outdoors, there are tropical gardens, a heated pool, and a dock on the lake. On the ocean side, there’s access to a private beach.

Palm Beach property

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Entry

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Living room

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Covered terrace

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Billiard room

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One of eight bedrooms

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The Palm Beach property is just one of several Vargas has recently unloaded. In 2017, the banker and avid polo player let go of his 62-acre equestrian property, also in South Florida, for $17.1 million. Other high net worth individuals also have horse properties in the area, including Georgina Bloomberg (Michael Bloomberg’s daughter) and the family of Bill Gates.

In April 2017, Vargas sold a Polynesian-style Palm Beach estate, just a half-mile from President Donald Trump’s Mar-a-Lago Club, for a whopping $77 million. The buyer was real estate investor and former Los Angeles Dodgers owner Frank McCourt, according to news reports.

Farther north, he sold a three-bedroom Manhattan apartment overlooking Central Park for $28 million.

Vargas, owner and president of the fourth-largest private bank in Venezuela, Banco Occidental de Descuento, still has plenty of real estate holdings, according to a 2009 profile in Time magazine. The properties are in Venezuela, the Caribbean, the U.S., and Europe.

Cristina Condon of Sotheby’s International Realty holds the Palm Beach property listing.

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