A peninsula-like estate with 556 feet of water frontage in Vero Beach, Florida, has changed hands for $20 million.
The estate came to the market last December for $27 million with the Charlotte Terry Group of Alex MacWilliam Real Estate. It went into contract in March and closed for $20 million earlier this week, listing records show.
The buyer was represented by Cathy Curley of Dale Sorensen Real Estate Inc.
Sitting on 1.5 acres in the coveted Riomar Bay neighborhood, the mansion has more than 9,000 square feet of living space with five bedrooms, seven bathrooms, two offices and a gym, according to the listing.
“The property is like a peninsula/point where water views are not only out the back, but you see water as you pull into the driveway, out the primary suite, out the kitchen window,” Ms. Curley said. “You are truly surrounded by water, beautiful sunsets, jumping dolphins and children on sailboats.”
The sale is the highest ever on the Vero Beach’s riverfront. There are three sales on the oceanfront in Vero Beach that have achieved higher prices, according to Ms. Curley, citing Multiple Listing Service records.
The home features high-end finishes and architectural details throughout, including the front gates, which were originally part of Henry Flagler’s Royal Poinciana Hotel in Palm Beach, Ms. Curley said.
Outdoors, there are more than 1,100 square feet of patios and porches, a summer kitchen with a fireplace, a pool with a spa, as well as a private dock that can accomodate an 85-foot yacht, according to the listing.
The estate is situated “between the bridges, which is where everyone wants to be because it’s near our beachside village with shopping, dining and beach access,” Ms. Curley said.
She declined to disclose the identity of the sellers or the buyers. According to records with PropertyShark, the sellers bought the home in 2014 for $6.5 million.
The transaction has yet to appear on property records.
Vero Beach has seen strong demand from wealthy buyers “who decide to move here from Miami and Palm Beach and California to have a wonderful lifestyle at a more affordable price and with less traffic and the friendliest people,” Ms. Curley said.
She and her family moved there from Greenwich, Connecticut, five years ago.
“We are no longer the hidden gem we once were,” she said.
READ MORE: Florida Megamansion Sells for $27 Million, a Record for the City of Vero Beach