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1186 North Ocean Way
SOLD

Stan L. Johnson Purchases Palm Beach SFR For $14M

1186 North Ocean Way

Single Family Residence
4,191 SF
clock iconSold 321 days ago
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Summary

Sale
FLORIDA
Single Family Residence
4,191 sqft

The 1950s-era Palm Beach house located at 1186 North Ocean Way has been sold for an impressive $14 million. The property, originally purchased by Richard and Ellen Rampell for $250,000 in 1985, has generated a substantial return on investment. Spanning across 4,191 square feet, the single-family home was purchased by Stan L. Johnson, a prominent commercial real estate entrepreneur, in an off-market deal. The transaction showcases the strong demand for properties in Palm Beach.

Summary of transation details:

  • Property Type: Single-Family Residence (SFR)
  • Transaction Amount: $14,000,000
  • Square Footage: 4,191
  • Price per Square Foot: $3,340
  • Address: 1186 North Ocean Way, Palm Beach
  • Market: Palm Beach

The sale was facilitated by Gary Pohrer of Douglas Elliman, acting as the broker for this transaction. Gary Pohrer's expertise in the Palm Beach market ensured a successful sale for Richard and Ellen Rampell. Although the buyer, Stan L. Johnson, specifically targeted the property for its land value, the transaction reflects the ongoing growth and appeal of the Palm Beach real estate market. The sale of the Palm Beach house not only demonstrates the potential for substantial returns on investment but also highlights the influence of experienced brokers in facilitating successful transactions.

Players

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    2

  • Agents

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  • Agencies

    1

Gary Pohrer's profile picture
Gary Pohrer
Douglas Elliman-image
Realtor Associate
$484.1M Sold

Details

Deal Summary
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SOLD
IMAGE: Gary Pohrer DATE: 08/07/2023 ADDRESS: 1186 North Ocean Way MARKET: Palm Beach ASSET TYPE: SFR BUYER: Stan L. Johnson SELLER: Richard & Ellen Rampell BROKER: Gary Pohrer (@GaryPohrer) - Douglas Elliman (@DouglasElliman) (@DouglasEllimanFlorida) SALE PRICE: $14,000,000 SF: 4,191 ~ PPSF: $3,340 NOTE: Richard and Ellen Rampell sold their 1950s-era Palm Beach house for $14 million, a huge return on their initial $250,000 purchase in 1985. The buyer, Stan L. Johnson, a commercial real estate entrepreneur, made the off-market purchase for its land value.

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Address1186 North Ocean Way

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