A historic oceanfront home located at 480 South Ocean Boulevard in Palm Beach has been sold for $28 million. This single-family residence spans 4,700 square feet, resulting in a price per square foot of $5,957. Originally listed at $38.7 million, the sale was completed approximately $10.7 million below its initial asking price after a year on the market.

Summary of transaction details:

• Property Type: Single Family
• Transaction Amount: $28,000,000
• Address: 480 South Ocean Boulevard
• Market: Palm Beach
• Square Footage: 4,700
• Price per Square Foot: $5,957
• Buyer's Representative: Missy Savage - Brown Harris Stevens
• Seller's Representatives: Stephen Ploof - Compass; Natalia Gryczynska - SERHANT; Hilton Hilton

The transaction highlights the involvement of multiple real estate professionals, with Missy Savage representing the buyer and Stephen Ploof, Natalia Gryczynska, and Hilton Hilton representing the seller. This landmark property was designed by architect Marion Sims Wyeth and reflects continued demand for luxury waterfront homes in a market characterized by limited inventory.