A newly built mansion in West Palm Beach just closed for roughly $15.7 million, setting a new city record for the most expensive non-waterfront single-family sale. The spec home, tucked into the South of Southern neighborhood, traded well above recent inland comparables and is turning heads as a sign that ultra-luxury buyers are increasingly willing to move off the water in Palm Beach County.
Property records show 122 Bloomfield Trust, managed by Francis Lynch, bought the roughly 8,600-square-foot house at 122 Bloomfield Drive for $15.7 million, or about $1,820 per square foot, as reported by The Real Deal. The seller was an entity tied to financier Mark Marcello, who records show acquired the lot in 2024 through an LLC for about $2.9 million. According to Margit Brandt’s office, the sale beats the previous non-waterfront record, a $9 million deal in 2024.
What the house includes
Listing materials describe five bedrooms, seven full bathrooms and one half bath, plus an elevator, wine storage and a private office. A 40-foot covered loggia with a summer kitchen and fireplace opens to a pool and spa with an outdoor shower, per the listing on Realtor.com. MLS and brokerage sites put the home in the mid-to-high 8,000s of square feet, with small discrepancies that are typical for new construction.
Why the sale matters
Brokers say the price reflects growing appetite among wealthy buyers for larger inland lots as coastal insurance premiums and carrying costs climb. Margit Brandt told The Real Deal that coastal West Palm properties are trading around $1,500 to $2,000 per square foot, while comparable non-waterfront homes on Palm Beach itself can hit $3,000 to $4,000 per square foot. Bespoke Luxury Magazine reported a sizable jump in high-end inland volume last year, a trend local agents say this sale neatly underscores.
Who marketed the deal
The seller was represented by Margit Brandt of Premier Estate Properties, while the buyer was represented by Lucy “Peaches” Bauer of Brown Harris Stevens, according to her profile on Realtor.com. Local brokers say the record deal is likely to reprice nearby spec homes and could nudge even more high-end buyers inland as the summer season rolls on.
