An oceanfront mansion in Jupiter Inlet Colony sold for $15 million, and there could be an opportunity to tear it down and build a more modern home.
The Elana J. Bolling Trust, with Armand L. Bolling and Anthony Rizzo as trustees, sold the 5,436-square-foot home at 3 Ocean Drive to Diana Gooch. First Republic Bank provided a $3.96 million mortgage to the buyer.
John P. Tracy of the Real Estate Consulting Group represented the seller in the deal. The listing highlights the extra large 0.95-acre lot and the potential to redevelop the site, potentially with two homes. The property has 175 feet of ocean views.
The home was built in 1960 and expanded in 1999. The Bolling family purchased the property for $735,000 in 1986.
The huge gain in value shows how strong demand for oceanfront property in Palm Beach County by wealthy residents has pumped up home values.
Gooch has owned a condo at Captains Way in Jupiter since 2017.
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