A 1920s-era Florida mansion situated on a pink-sand beach and overlooking the Atlantic Ocean has gone on sale for $28.5 million – a full $18.5 million more than its Boston-based hedge fund manager owner bought it for just two years ago.
The 12,500-square-foot Mediterranean style home was put on the market last week, according to Mansion Global, after Michael Rashes, a principal at Bracebridge Capital, and his wife, Dena, bought it for $10.5 million in May 2019.
It includes seven bedrooms, 10 full bathrooms and four half baths, with three guest villas overlooking the water in the Palm Beach County town of Gulf Stream.
‘There’s about 202 feet of ocean frontage, which is about double the size of many other estates,’ Candace Friis, of the Corcoran Group, told Mansion Global.
She said the Rashes were not spending as much time in Florida as they used to, and decided to downsize.
A Mediterranean-style waterfront property in Florida has hit the market for $28.5 million
It was bought in May 2019 by Michael Rashes, a principal at Bracebridge Capital, and his wife, Dena, for $10.5 million
The property, on 1.26 acres of land in Palm Beach County, sits right on top of a pink-sand beach
A view of the exterior of the house from the Atlantic Ocean
Candace Friis, of the Corcoran Group, said the Rashes decided to sell the luxurious home to downsize
Much of the home is made up of imported materials, like limestone floors
The home has a large, private driveway and a four-car garage
There are now only about 750 homes in the Gulf Stream community
The house is surrounded by more than 200 feet of waterfront frontage
The house was first built in 1926, but was recently renovated by the architectural firm Bridges and Marsh, according to its listing.
Materials from around the world provide the house with its Mediterranean, spa-like ambience, with limestone floor, cypress cathedral ceilings, imported marble and wall murals from Spain, Friis told Mansion Global.
It also includes high-impact windows and doors made by the German company Tischler and Sohn.
The house has cypress cathedral ceilings. Here is a view of a living room inside the luxurious house
The staircase is decorated with imported tiles, adding to the Mediterranean aesthetic
The original 1926 oceanfront estate was rebuilt by the architectural firm Bridges and Marsh
Murals painted on the wall are imported from Spain
There are several terraces, like the one seen here, throughout the home
It has seven bedrooms, like the one seen here, that fit a full queen size bed
A patio extends off of the large, primary bedroom
A view of one of the seven bedrooms, with slanted high-impact windows
The house also has 10 full bathrooms and four half baths, with limestone details
Homeowners and renters could also bask in the warm Florida weather at a courtyard in the center of the complex, where a tiled fountain sits surrounded by trees, before having a meal at the home’s eat in kitchen.
The mansion also features a rooftop terrace, an office with ocean views and a primary bedroom suite with a private patio.
‘When you’re on the upper-level terraces, you fee like you could be anywhere in the world,’ Friis said. ‘The house has a quiet, gentle nature that I love.’
And to add to the experience – there is a new carriage house, a guest cottage, a mirrored fitness center with a ballet barre, a media room, a pool inside its own pool house and a four-car garage.
‘The estate offers a rare opportunity for a buyer or investor to own a sliver of paradise,’ its listing says.
A tiled fountain sits in the center of a courtyard at the estate
The house also features doors made by the German company Tischler and Sohn
There is a large chef’s eat-in kitchen inside the house
The dining room provides a rustic atmosphere
Homeowners and renters could enjoy the views of the ocean while eating inside the kitchen
Patios on the upper floors overlook the Atlantic Ocean
There is a new mirrored fitness center inside the spacious home
There is also a new media center, featuring comfortable seats
Residents could also cool off while enjoying the outside, under a covered patio
The outdoor area provides residents with a nice place to drink their morning coffee while looking out at the ocean
The home also has its own pool, inside a separate pool house
The estate is just steps away from the pink-sand beach
The home, on 1.26 acres, was one of the original houses built in the Gulf Stream community, which grew as a hub for polo.
A special bell would ring when there was a win on the polo field, Friis said, alerting residents to ‘come for cocktails.’
Now, the private community has only about 750 homes, with a private police force and no commercial activity, giving it a ‘secluded and elegant’ feel, she said.