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Real Estate

$95 million second record sale goes in the books!!

By
Cashflow In Miami
on
June 1, 2021

1341 S. Ocean Blvd, Palm Beach, FL

Pietra Mare, the Italian-style oceanfront mansion built on Palm Beach’s Billionaires Row fetches $95, 000,000!!
The mansion is among the six most-expensive properties ever sold in Palm Beach, courthouse records show.

The seven-bedroom residence has 28,400 total square feet and stands on a lot of more than 2 acres. The house was completed in 2003 and faces about 170 feet of oceanfront, about a half-mile south of former President Donald Trump’s Mar-a-Lago.

The estate's name, Italian for “stone” and “sea,” is a reference to its coquina exterior and its seaside location.

Edward Watkins had the house homesteaded in the latest Palm Beach County tax rolls. It was owned through the Goodrich Florida Realty Trust II, for which attorney Joseph Marzilli and accountant Jennifer R. Wynne served as co-trustees, the deed shows.

The property was previously marketed at  $110 million in the local multiple listing service but was withdrawn the  March 5th, 2021.

The actual amount changing hands was just over $100 million, according to sources familiar with the deal.

Broker Lawrence Moens of Lawrence A. Moens Associates handled both sides of the sale, his office confirmed. He couldn’t be reached for comment.

House was homesteaded.

The estate's name, Italian for “stone” and “sea,” is a reference to its coquina exterior and its seaside location.

Edward Watkins had the house homesteaded in the latest Palm Beach County tax rolls. It was owned through the Goodrich Florida Realty Trust II, for which attorney Joseph Marzilli and accountant Jennifer R. Wynne served as co-trustees, the deed shows

Moens had previously listed the property at $110 million in the local multiple listing service but he withdrew the listing March 5, records show. It had entered the MLS last June, although Moens first advertised the estate for sale in late November 2019. The price included “selected furnishings,” according to his previous listing.

Moens had previously listed the property at $110 million in the local multiple listing service but he withdrew the listing March 5, records show. It had entered the MLS last June, although Moens first advertised the estate for sale in late November 2019. The price included “selected furnishings,” according to his previous listing.

Property last sold in 2001

Edward Watkins formerly owned Simplex Time Recorder, a Massachusetts company started by his grandfather. Watkins expanded the company into fire alarms and security systems, and sold it for $1.2 billion to Tyco International in 2000, according to news reports at the time.

The Watkins trust paid a recorded $17.68 million for the South Ocean Boulevard property in 2001, according to property records. Crews demolished a seven-year-old house there to accommodate the mansion that just sold.

The Watkinses have a lakefront Georgian-style house at 735 Island Drive on Everglades Island, which they bought in October 2017 for a recorded $23.8 million using an ownership company, property records show.

The former Watkins house on South Ocean Boulevard was designed by Palm Beach architect Jeffery Smith of Smith Architectural Group in the style of a villa from the Italian Renaissance. In a chapter about the house in Smith’s monograph, Palm Beach Splendor, Edward Watkins said he was regularly amazed by the views afforded in every room.

Interior details include elaborately designed floors of old oak from France, the dining room’s intricately coffered and hand-carved wood ceiling, and hand-painted kitchen tiles from Portugal. The fireplace mantelpieces in the great room and library are from England, while the one in the dining room came from Italy. The master suite occupies much of the second floor.

On Everglades Island

The Watkinses’ house on Everglades Island was completed in 2008 as a custom home for Ann Ames and her late husband, Steven, whose mother was part of the Annenberg family, known for philanthropy through the Annenberg Foundation. The Watkinses carried out an extensive renovation to the seven-bedroom house, which has 11,775 square feet of living space inside and on its lakeside loggias, according to courthouse records. The lot measures about three-quarters of an acre with 190 feet of frontage.

Broker Linda Gary of Linda A. Gary Real Estate handled the buyer’s end of the 2017 sale on Everglades Islandopposite listing agents Mary Boykin and Crissy Poorman of Sotheby’s International Realty. The three agents have always declined to discuss the sale or identify the buyers of the Everglades Island house.

Gary also represented the Watkins’ trust when it bought the property on South Ocean Boulevard in 2001, negotiating at the time opposite listing agent Gail Cohen, who was then of the old Martha A. Gottfried agency and today is with Brown Harris Stevens.


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