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

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.