Mark S. Meland Acquires Everglades Island Mansion From Barbara And Randall Smith For $93.34M

A newly built single-family waterfront mansion located at 757 Island Drive in Palm Beach has been sold for $93,341,000. The property boasts 13,152 square feet of living space, making it the second-highest lakefront deal in the market’s history. The residence includes eight bedrooms and was purchased in an off-market transaction.

Summary of transaction details:

• Property Type: Single Family
• Transaction Amount: $93,341,000
• Address: 757 Island Drive
• Market: Palm Beach, FL
• Square Footage: 13,152
• Price Per Square Foot: $7,097
• Buyer: Mark S. Meland
• Seller: Barbara Smith; Randall Smith - Alden Global Capital
• Lender: Bank of America
• Mortgage Amount: $70,000,000
• Original Land Acquisition Price: $39,500,000
• Year of Land Acquisition: 2021

The transaction involved significant figures in finance, with seller representatives including Barbara Smith and Randall Smith from Alden Global Capital. Ownership of the property traces back to a shell company linked to the Smiths, indicating their substantial investment in the Palm Beach area.