Luxurious Lakefront Property Sells for $23.75 Million in Palm Beach
A stunning lakefront estate located at 1050 N. Lake Way, Palm Beach, has recently been sold for $23.75 million—a significant amount nearly two years after being placed on the market. This sale marks a notable transition for a property that has been in the hands of its previous owners for nearly three decades.
Property Details
- Style: Palm Beach Regency
- Size: Approximately 8,564 square feet of living space
- Bedrooms: 5
- Waterfrontage: About 95 feet on the Intracoastal Waterway
- Lot Size: Four-tenths of an acre
- Features:
- Lakeside swimming pool
- Elevator and two-car garage
- Areas suitable for household staff
- Ample space for indoor and outdoor entertaining, including a formal dining room and family room with a bar
"The layout is designed for both comfortable living and vibrant gatherings," the listing highlighted.
Market History
The property was initially listed at $40.5 million in February 2023 but underwent five price reductions, eventually settling at $29 million before the successful sale. Real estate experts note that many properties in Palm Beach have adjusted their asking prices following the heated market conditions witnessed during the early pandemic years.
Seller and Buyer Information
The sellers, Alfred B. Engelberg and Gail Engelberg, purchased the home for around $4 million in 1995. They currently reside in a luxury condo at The Bristol, acquired for $19.8 million in 2023. The buyer is represented by Cypress Forest Holdings LLC, an investment firm led by David Windreich, a seasoned figure in the finance world.
Location and Lifestyle
Nestled in the North End of Palm Beach, the property offers scenic views of both the Intracoastal Waterway and the Safe Harbor Rybovich marina. Its prime location is not only picturesque but also convenient, located near the Palm Beach Country Club.
Market Insights
As the Palm Beach real estate landscape continues to evolve, it’s essential to keep an eye on the trends:
Current Real Estate Trends:
- Moderating prices as the market stabilizes post-pandemic
- Increasing interest from affluent buyers seeking luxury living
- Ongoing renovations and updates to older estates
Explore more about Palm Beach real estate trends here.
Future of the Property
While it remains unclear whether the new owners intend to retain the existing structure or pursue new developments, the era of refined luxury living continues to thrive in Palm Beach. The estate’s features are perfectly poised for entertaining, boasting a family room with lake views and a spacious primary suite that enhances the allure of lakeside living.
In conclusion, the sale of 1050 N. Lake Way exemplifies the shifting dynamics of the Palm Beach real estate market. As properties change hands, interest in luxury accommodations remains robust, reflecting both the area’s desirability and the evolving preferences of high-net-worth individuals.
For further updates on luxury real estate in Palm Beach, stay tuned as this story develops.