A prized slice of waterfront Palm Beach that belonged to the town’s oldest resident is hitting the market for $41 million, and the listing does not mince words about what buyers are really paying for. The 0.73‑acre parcel at 350 Island Road offers roughly 100 feet of Intracoastal frontage, a 6,729‑square‑foot midcentury main house with six bedrooms, and a detached two‑bedroom pool house. The home’s longtime owner, Jane Will Smith, lived in Palm Beach for more than 60 years and died on February 14, 2026, at age 107.
Listing Says Land Is The Prize
As reported by Realtor.com, the listing, handled by Sotheby’s agent Todd Peter, emphasizes that the lot, not the existing residence, is the star of the show and explicitly calls the offering a "prospective teardown." The Realtor.com writeup notes that the grounds include a waterfront pool, a pond, and an "orchid slat house," while making clear that any buyer will likely shell out millions more to replace the current home with a modern estate.
MLS Specs And On‑Site Features
Per the MLS posting reviewed on Illustrated Properties, the parcel measures about 31,798 square feet (0.73 acre) and lists features such as a full‑house generator, a water‑filtration system, a two‑car garage, and a carport. The MLS entry also confirms the 100 feet of direct Intracoastal frontage and the 6,729 square feet of interior space, which includes multiple formal entertaining rooms.
Remembering Jane Will Smith
Her obituary on Dignity Memorial remembers Smith as a civic philanthropist who "served on the boards of numerous charitable organizations" and preserves her oft‑shared advice to "Keep on breathing. Maintain a positive outlook and avoid complaining when you can choose to laugh instead." Local coverage going back to 2024 shows she remained a visible figure in county events, including a ceremonial roses presentation reported by WPBF.
Where This Fits In The Market
Palm Beach’s ultra‑luxury market has been humming along on buyers willing to pay premiums for buildable waterfront lots, with several recent teardown trades drawing attention from developers and investors. As The Real Deal reported, teardown parcels on the island have changed hands rapidly in the last year, a pattern that helps explain the steep $41 million ask for this premier south‑facing lot.
Bottom Line
For buyers who care more about location than period charm, the Island Road parcel offers one of the rare opportunities to build a new waterfront estate in Palm Beach’s estate section. The property is being shown by appointment through the listing broker and presents a blank canvas for someone ready to swap a dated house for a contemporary mansion.
