And on and on: A 0.8-acre oceanfront estate in Palm Beach, Florida, is on the market for $59 million, less than six months after selling for $50 million.
The difference? I no longer have a home.
When the property sold over the summer, listing photos showed that the home still stood on the site, measuring more than 8,000 square feet. Today, the property features just a lawn surrounded by a hedge, according to listing photos from Sotheby's International Realty.
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Plus, with 128 feet of waterfront width and the lot's high elevation, the new owners will be able to build their new home in a great location with far-reaching views. Plus, the home “boasts a deep-water concrete pier, making it the perfect haven for ocean lovers,” the ad states.
Harvey Jones, managing partner at investment firm Square Wave Ventures, bought the property in June for $50 million, according to Property Shark records. The avid sailor already owns a non-beachfront property in Palm Beach and also has a home on Nantucket Island, Massachusetts, The Wall Street Journal reported at the time of the sale.
“The opportunity to live on the Intracoastal and have a boat is something I was very interested in,” Jones told the Journal. “The property is at a high elevation, well above the flood line, and it slopes down toward the Intracoastal.”
If it sells for the asking price, Jones stands to make 18% on the deal. Jones did not immediately respond to a request for comment, but he paid a premium himself. Prior to last summer's transaction, the property had been owned by the late liquor distributor James V. “Jimmy” Tigani Jr., who bought it in 2002 for $7.37 million, according to PropertyShark records. Tigani died in 2022 at age 85.
When Jones bought the house, it had recently undergone a $4 million renovation, listing agent Mark Bennett of the Corcoran Group, Tigani's longtime partner and a resident of the house, told The Wall Street Journal. The Regency-style home has four bedrooms, two kitchens, two offices, a living room, kitchen, billiards room, cabana and four bars.
“We pushed it, we pushed it, we totally revamped it,” Bennett said. “Jimmy's job was selling liquor, and he loved to drink, he loved to joke, he loved to entertain.”
Agents declined to comment.