House on Ocean Brings $8 Million

A Palm Beach County Bermuda-styled oceanfront estate with 177 feet of direct ocean frontage has been sold for $8,380,000, or $5,570,000 less than its asking price of $13,950,000. The property, which includes 6,701 square feet of living space, was built in 1988 on 1.93 acres at 1777 N. Ocean Blvd., Gulf Stream. On a per-square-foot basis, the sale price was $1,251.

 

The property includes a main home with four bedrooms, five baths and two half baths, plus an additional two-bedroom guest home. Ocean views are seen from the living room, master bedroom, den and kitchen. Features include a Viking gas range, three Sub-Zero refrigerators, three ovens, a wine cooler and French doors leading to a loggia, pool and patio area.

 

The sellers were William and Sarah Farish of Versailles, Ky. The new owner is James Orthwein Jr., trustee of the James B. Orthwein Jr. Revocable Trust U/T/A dated 06/05/2003. Real estate taxes for 2008 were $127,503 and did not include a homestead exemption. The property was listed by Randy Ely of The Corcoran Group and sold by Tina Smith, also of Corcoran.