This sale involved a renovated waterfront home located at 550 Island Drive in Palm Beach, encompassing 4,890 square feet on a 0.55-acre lot. The property was sold for $25,400,000, translating to a price per square foot of $5,194.

Summary of transaction details:

• Property Type: Single Family
• Transaction Amount: $25,400,000
• Address: 550 Island Drive
• Market: Palm Beach
• Square Footage: 4,890
• Acres: 0.55
• Seller: Richard & Cornelia Thornburgh
• Buyer’s Representative: Jim McCann - Premier Estate Properties
• Seller’s Representatives: Austin Whitney McGurk & Liza Pulitzer - Brown Harris Stevens
• Price Per Square Foot: $5,194

The transaction reflects the active nature of Palm Beach luxury real estate, with Richard and Cornelia Thornburgh selling their property to a Canadian entity after a price adjustment and relisting. The negotiation was facilitated by Jim McCann on behalf of the buyer, while the sellers were represented by Austin Whitney McGurk and Liza Pulitzer.