The estate of Jane Smith, Palm Beach’s oldest resident until her death earlier this year, sold for $35 million.
The 6,700-square-foot home at 350 Island Road hit the market in March for $41 million. Smith died in February at the age of 107. A trust managed by West Palm Beach attorney Maura Ziska bought the 0.8-acre property, records show. No mortgage was recorded, suggesting it was an all-cash deal.
Smith lived in Palm Beach for more than 60 years. The five-bedroom, six-and-a-half-bathroom home was listed with Todd Peter of Sotheby’s International Realty, most recently asking $39.5 million. Crista Ryan with Tina Fanjul Associates brought the buyer.
The property, marketed as a teardown, will likely be redeveloped. It includes 107 feet of direct frontage on the Intracoastal Waterway and views of the Everglades golf course.
The home is just a few houses away from Tarpon Isle, which sold two years ago for $152 million. Todd Michael Glaser and his partners sold the 2.3-acre island estate, with 11 bedrooms, 15 bathrooms and two pools, to Australian billionaire Michael Dorrell. It hit the market in 2022 for $218 million.
A couple of miles away, the vacant lot at 690 Island Drive recently sold for $39.2 million, over $6 million more than its previous trade a year earlier. The 0.8-acre lot was previously home to a lakefront estate owned by home improvement TV show host Bob Vila of “This Old House” and his wife, Diana Barrett. A company managed by attorney Paul Krasker purchased the property.
Buyers are increasingly using trusts and Delaware LLCs to hide their identities, especially as Palm Beach and other luxury markets in South Florida continue to attract the uber wealthy who are looking to keep their purchases under the radar.
Also in June, Alvin Krongard, a former executive director of the CIA, and his wife Cheryl Krongard, sold their mansion at 226 Via Las Brisas, also in Palm Beach, to a trust for $28.9 million.
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$40M estate of Palm Beach’s oldest resident under contract following her death
Vacant lot from Bob Vila’s former Palm Beach estate fetches $39M
