Owners may demolish Palm Beach properties with 8-figure asking prices

726 Hi Mount Road in Palm Beach

The owners of two Palm Beach residences listed for sale, one for $26.5 million and the other for $36 million, have won preliminary approval to demolish them.

The Palm Beach Architectural Commission granted approval to raze properties, both located in the North End area of the town.

Their demolition requests may be a sign that the owners of both houses have found buyers who want to redevelop the properties.

But so far, neither property is under contract to be sold, according to the Palm Beach Board of Realtors Multiple Listing Service.

The Palm Beach property listed for sale for $36 million is a residential compound at 901 North Ocean Boulevard, a 2.3-acre parcel with a 300-foot beachfront.

Owned by the estate of the late Lorraine L. Friedman, the North Ocean Boulevard property had been on the market for several years when Jim McCann, an agent of the Corcoran Group, acquired the listing in April. The compound, built in 1974, long has been considered a candidate for demolition.

The property with a $26.5 million asking price is a four-bedroom house at 726 Hi Mount Road. The Colonial-style house, a four-bedroom built in 1938, has been on the market since December. Broker Lawrence Moens has the listing. The owner is Nancy Z. Lane.

Though the Palm Beach Architectural Commission has approved the demolition of both properties, the town government issues demolition permits only after receiving and reviewing applications for such permits. [Palm Beach Daily News]Mike Seemuth



Source: The Real Deal South Florida

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