William Lauder, the billionaire at the head of the cosmetics empire Estée Lauder, 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 lots, which are listed together and together cover about 2.3 acres, sell for that price, the Palm Beach Post reports that it will be a record real estate price for vacant lots in the area. .
Both properties originally had homes before Lauder had them demolished. He purchased the first in April 2020 for a reported $25.4 million, followed by the second in December 2021 for an undisclosed sum. Together, the two lots offer 110 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 occasionally becomes available.”
The property’s official listing calls it “[a] Generational Opportunity to own the largest direct oceanfront estate lot on the market in Palm Beach,” then noting that the property can of course be subdivided.
As for Lauder, he tells WSJ that he originally bought the adjoining lots for his own personal use, presumably with the intention of building a mansion or perhaps individual buildings there, but ultimately decided to list it now because it was “the best timing felt’.
Whether that proves to be the case remains to be seen, but if Lauder’s real estate instincts come true, he will have been awarded the highest amount for any vacant land in Palm Beach history. You can view the land in the video below from Premier Estate Properties.