A descendant of the Chrysler auto family sold his late mother’s Palm Beach waterfront mansion for $28.8 million.
Judith Knudsen, bought the property at 593 Island Drive for $1.9 million in 1997, records show. Ownership transferred to her son Jack F. Chrysler III following her death in 2024. He was listed as the owner and seller of the home in the latest transaction, which penciled out to $5,850 per square foot.
This is the property’s first sale in nearly 30 years.
Bank of America provided the buyer, whose identity is hidden, a $19.5 million loan to be repaid within 15 years. The mortgage contains a second-home rider, meaning the house must be available for the owner for a portion of the year, as opposed to being leased.
Douglas Elliman brokered both sides of the off-market transaction, with Jack Rooney representing the seller and Spencer Schlager bringing the buyer.
The 5,000-square-foot house was built in 1999 and has five bedrooms, four bathrooms and a half-bath. It sits on 0.37 acres in the Everglades Island neighborhood, an exclusive man-made strip off the main island.
Another home in the neighborhood, at 608 Island Drive, sold in September for $40 million. Philanthropist and art collector Kimberly Bluhm bought the 5,900-square-foot house for more than twice what it previously sold for.
In May, 757 Island Drive went for $93.3 million, and 690 Island Drive sold for $39.2 million in June.
Elsewhere in Palm Beach, developer Todd Michael Glaser is asking $59 million for his personal home at 111 Via Del Lago. Plus, the home once belonging to fashion designer Lilly Pulitzer at 710 South County Road found a buyer at a $42.5 million asking price.
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