A newly built, non-waterfront home in West Palm Beach sold for a record $ 8.7 million, marking the expansion of the home-buying frenzy to homes in the interior of South Florida.
Husband and wife Andrew and Mary Lago have purchased the five-bedroom home at 221 Essex Lane, according to a press release from their broker Brown Harris Stevens. The Lagos moved to West Palm after living in London for 13 years.
Investment firm DRI Fund, through a subsidiary, sold the home after completing construction in 2021, records show. DRI Fund, led by Steven and Jeffrey Kirsch, invests in distressed mortgages and real estate development, according to its website.
Sabra Kirkpatrick and Sarah Koenig led the Brown Harris team which represented the Lagos. Douglas Elliman’s Thor Brown represented the vendor.
DRI Fund has offices in West Palm Beach and Southfield, Michigan. He paid just over $ 1 million for the 0.7 acre lot in 2019, according to the records.
The two-story, 6,596 square foot home has six full baths and a powder room. It has been designed in a British West Indies estate style and has a swimming pool, gourmet chef’s kitchen, pantry and oversized master bedroom with vaulted ceilings, fireplaces and a closet oversized with two islands and a vanity, according to Realtor.com.
It was initially listed for $ 9.5 million in October.
The sale price marks a record for non-waterfront single-family home transactions in West Palm Beach, Koenig said, citing data from Brown Harris. The city’s 18 best-selling homes, ranging from $ 15.9 million to $ 5 million, were all waterfront homes.
The Essex Lane sale reflects the ongoing home buying frenzy in South Florida, fueled largely by multi-millionaire newcomers, has widened beyond waterfront properties to include those in the interior.
The New Lagos Home is just over a block, or 658 feet, from the Lake Worth Lagoon.
Historically, the best selling home in West Palm has been Michael and Roberta Joseph’s purchase of the contemporary-style mansion at 3200 Washington Road for $ 15.9 million in September. Real estate broker and interior designer Hilary Musser developed and sold the house.
In another recent deal with West Palm, former tennis star Anna Kournikova’s mother Alla Kournikova sold the home at 4401 South Flagler Drive for $ 6 million in December.
Additionally, shoe mogul Marc Fisher paid $ 10.5 million in August for a house in West Palm.
West Palm isn’t the only South Florida market where sales of off-shore homes are skyrocketing. In Miami Beach, deals for interior homes exceeding $ 5 million were previously virtually unheard of, but that has changed over the past year and a half.
In September, retired Wall Street broker Bryant Yunker Jr. and his wife Nancy Yunker bought a non-waterfront home in Miami Beach from former Miami Dolphins linebacker Orlandus Andre Branch III. for $ 6.3 million.