How much can one acre of land fetch? A cool $11 million if it’s in the right location. In this case, it’s in Highland Beach, a coastal town for the rich.
Scott Pressman, of the Keyes Company Realtors, which represented seller Riverside Realty Trust, said it is the largest residential oceanfront land sale in Palm Beach County in 2015.
The 200′-foot oceanfront parcel is about 1.05 acres.
Plans are to develop the property into six, four-story oceanfront townhomes.
“The buyers saw some incredible development potential with this unique property,” Pressman said in a statement.
The buyers are Capital Development Group LLC, Halstall Real Estate Partners LLC and Grafton Street Capital LLC. They were represented by Jeffrey Cohen of Douglas Elliman.
Source: Palm Beach Post
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