A French-chateau-style mansion in Palm Beach has just hit the market for $74 million, making it the most expensive listing currently in the area.

The 20,000-square-foot waterfront estate was shopped around privately for $84 million, but it has now been listed on the market with $10 million knocked off the price. The home sits on two and a half acres and has 250 feet of frontage on the Intracoastal Waterway.

The enormous estate features a 12,000-square-foot motor court, 7,000 square feet of loggias, garages, a guesthouse, a dock, a pool and fountains. The home is located on South Ocean Boulevard, which is home to owners like Tampa Bay Buccaneers owner Malcolm Glazer.

According to public records, the area is known for its pricey mansions. In 2008, nearby mansions sold for $77.5 million and $68.5 million, however large sales have been quite rare since the economy took a dip. Owner and developer, Dan Swanson of Addison Development, said, “It’s a pretty arduous proposition to do something like this, and it’s a project that most people don’t want to do.” Swanson spent nearly three years building this mansion but declines to comment on how much he had invested.

Susan Polan of Illustrated Properties acknowledges that the home is “magnificent”, however she notes the price is aggressive given its location near airplane paths and lack of immediate access to a beach or yacht dockage. Swanson responds to those comments by saying that several local marinas accommodate yachts.

Source: Wall Street Journal

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