Once overlooked town near booming West Palm Beach sees $31.1 million sale of waterfront home

A single-family home in the small Town of Palm Beach Shores sold for an astounding $31.1 million last month but whether it will remain as it has for decades or be developed may be in question.

The home on Singer Island with two docks that stretch into the cerulean Intracoastal Waterway just north of the Palm Beach/Lake Worth Inlet sits on 1.5 acres zoned for three-story condominiums, townhomes or a hotel.

It is the latest purchase in a string of big-money sales in the town of just 1,500 residents that has attracted a whirlwind of post-pandemic investors searching for dwindling waterfront lots.

Michael Bozzuto, CEO of a Connecticut-based food distribution company, bought the house at 170 Lake Drive from Molly Fleming, whose family had owned, and lived in, the property for decades.

The single-family home at 170 Lake Drive in Palm Beach Shores sold in January 2024 for $31.1 million.
The single-family home at 170 Lake Drive in Palm Beach Shores sold in January 2024 for $31.1 million.

Palm Beach Shores Mayor Alan Fiers said he believes the intent is to keep the property as a single-family home, but the three-lot parcel would allow for a commercial and multifamily construction.

“We are a laid-back place, but this is a big deal,” Fiers said about the pricey sale. “No one’s jumping up and down and shouting, but everyone is quietly talking about it.”

The land is just south of the former Cannonsport marina and apartments, which sold last year for $58.5 million. Cannonsport is being renovated into high-end condominiums by Johnston Group Capital Management under the new name HAVN Residences and Yacht Club. Unit prices are between $2 million and $4 million.

It is north of the 65-year-old Buccaneer Marina and Resort, which is undergoing an extensive renovation.

Saving history: Town of Palm Beach Shores protects 'Old Florida' vibe as development rages around it

Bozzuto was hesitant to discuss the Jan. 16 sale, but said “it’s a house, and it will probably be a house” about the property.

Palm Beach Shores, which clings to the southern tip of Singer Island with water on three sides, is steadfast in keeping a beach-town vibe with strict height limits on new construction.

It has been courted by eager developers following the pandemic-triggered population surge of wealthy newcomers to the state but has maintained its zoning restrictions while still allowing new multimillion dollar condos to rise from its beachfronts.

Realtors were surprised by the $31.1 million price tag on the property at 170 Lake Drive.

“That’s a Palm Beach Island price,” said Coldwell Banker agent David Custons, who specializes in Singer Island real estate. “At the same time, you are literally right on the inlet. You could take a boat to get to Palm Beach faster than driving.”

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The home, which sold in an off-market deal, has nearly 12,000 total square feet of space with 7,500 under air, two pools, and two docks. An old listing on Zillow says there are four bedrooms and five bathrooms.

Fiers was less surprised by the price, considering it is a three-lot parcel with about 200 feet of waterfront.

While Fiers believes it will remain a high-end, single-family residence, he’s pragmatic about the development happening and confident the town’s zoning rules will hold any new construction to current limits.

“To everything, there is a time,” Fiers said.

Kimberly Miller is a veteran journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate and how growth affects South Florida's environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@pbpost.com. Help support our local journalism, subscribe today.

This article originally appeared on Palm Beach Post: Town of Palm Beach on Singer Island home sale sees $31.1 million price