If you are extremely wealthy and have an additional $38.5 million burning a hole in your bank account, then you might be interested in purchasing the Kennedy Compound located in Palm Beach, FL. That’s right; this famed home, the Winter White House as many called it, is actually for sale right now. This property was one of the main homes of the Kennedy family from 1933 all the way up to 1995. Consider for a moment the price that the previous buyer, John K. Castle, paid for it in ’95. It only cost him $4 million. During that time the property, which was once in danger of being torn down, underwent a massive $6 million renovation.
Let’s go back a little further in time and see what Joe Kennedy paid for it in 1933. He paid just $120,000. Of course, that amount of money went a lot further then than it does today. Originally, the home, designed by famous architect Addison Minzer, was for Rodman Wanamaker, owner of a number of department stores. Wanamaker had the house for about eight years before selling it to the Kennedy family.
What Does $38.5 Million Buy You Today?
What will the lucky owner of this home have in store for him or her? The home is massive, coming in at 15,500 square feet. Originally built in 1925, the home features eleven bedrooms, as well as a tennis court and a pool. While it certainly has other features and amenities – after a $6 million renovation, it has to have quite a few amenities that will make it truly special – we know little about the property today. The current listing for the property is still a bit on the sparse side, with the brokers offering very little information on the property other than the historic nature and the great views of the ocean.
The neighbors say that the Kennedy Clan always spent quite a bit of time in Palm Beach at the compound, particularly during the holidays. They also say that up until Castle took over and completed all of those renovations, they thought the property would be a tear down, simply because it looked worse for the wear. Castle’s renovations changed all of that, and it is a shining example of Palm Beach beauty today.
Information Is Scarce
One of the reasons that the information is limited right now is because the brokers and the sellers realize what a high profile home this is. They want to draw attention to the property, but they don’t want people coming out of the woodwork to get viewings of a home they could never hope to afford! Keeping the sale a bit quieter might be a good tactic in this case. Those who can afford it surely already know about the property and have the inside information they need.
Few people in the world are able to afford a property such as this. It will be interesting to watch the saga of the property and to see who buys it next.
If you’re on the market to buy luxury property in Miami please contact Lana Bell at One Sotheby’s International Realty today!