The late businessman and philanthropist Dana Hamel’s North Palm Beach waterfront home sold for $27.5 million this week.
The 6,800-square-foot home at 11800 Turtle Beach Road went on the market in April asking for $35 million. Hamel paid $2.5 million for the property in 1991 and lived there until his death last September.
The sale price is over $4,000 per square foot.
The property’s true buyer hasn’t been identified. Hamel’s trustees, including his son David Hamel and JPMorgan Chase, sold the property to an entity, the 11800 Turtle Beach Rd LLC. Palm Beach lawyer Louis Hamby represented the buyer in public documents.
James Kenny and Paul Kaneb of K2 Realty had the listing and represented the buyer and seller.
The 1992-built home has four bedrooms, four bathrooms and two half-baths on a lot spanning about 1 acre, with 128 feet of water frontage. The buyer plans on tearing down and rebuilding, according to a person familiar with the deal.
The property is in the 450-acre Lost Tree Village community of North Palm Beach, which features a private oceanfront and golf course. Residents pay $6,624 in annual HOA fees.
Another home in the upscale neighborhood recently sold for $13 million to an unidentified buyer. Last year, Canadian baby products mogul Maurice Pinsonnault sold his mansion for $55 million, a record high for the community, to a Delaware LLC. And just months earlier, another concealed entity sold a house in the neighborhood for $31.9 million.
Hamel founded the Penn Corporation, a New Jersey consumer products and party goods company, which he and his business partner sold in 1985. The Massachusetts native frequently donated to the University of New Hampshire — though he wasn’t an alumnus — and the college’s undergraduate research center is named for him.
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