William Lauder, the billionaire head of the Estée Lauder cosmetics empire, has listed not just one but two oceanfront properties in Palm Beach, Florida for a combined asking price of $200 million, according to a report in The Wall Street Journal. And if the two adjacent parcels, which are listed together and span about 2.3 acres altogether, sell for that price, the Palm Beach Post reports it will be a real estate price record for vacant lots in the area.
Both properties originally had houses before Lauder had them torn down. He purchased the first in April of 2020 for a reported $25.4 million, followed by the second in December of 2021 for an undisclosed sum. Together, the two lots boast 360 feet of "direct beach frontage," a rarity in an area where most homes are separated from the beach by a road. Listing agent Jim McCann tells WSJ that alone makes this an attractive prospect for the right buyer:
"I think there will be buyers who know this market [who] will recognize the rarity factor, and that something like this only comes available every so often."
The property's official listing calls it "[a] Generational Opportunity to own the largest direct oceanfront estate parcel on the market in Palm Beach," going on to note that the property can of course be subdivided.
As for Lauder, he tells WSJ he originally bought the adjacent lots for his own personal use, presumably intending to construct a mansion or perhaps separate structures there, but ended up deciding to list it now because it "felt like the best timing."
Whether that turns out to be the case or not remains to be seen, but if Lauder's real estate instincts pan out he'll have gotten the highest sum for any vacant land in the history of Palm Beach. You can take a look at the land in the video below, from Premier Estate Properties.
