The oceanfront mansion built by Sidney Kimmel, founder and chairman of Jones Apparel Group (NYSE:JNY) and a film producer, sold in Palm Beach for the asking price of $81.5 million.
Kimmel who is also known for his work as a philanthropist, got the full asking price of the property, as quality mansions are in high demand and always draw interest.
Buying the property was John L. Thornton, who used to be a Goldman Sachs (NYSE:GS) partner and chairman of the Brookings Institution.
Included with the home was 5 beautifully landscaped acres and 300 feet of ocean frontage. The home was 32,000 square feet and was designed by Thierry Despont, who was also responsible for the extraordinary home of Bill Gates.
Also coming with the acquisition was staff quarters, a wine cellar, waterfalls, 27-zone air conditioning and a pool.
In the living room there are 20-foot-high glass panels which will go down hidden into the floor when a button is pushed.
This is a new record for Palm Beach property. The former record of $70 million came from the sell of Ron Perelman's estate four years ago.
Taxes on the property? A hefty $517,775 in 2007.
During the drop in prices of homes in Palm Beach County of 4 percent since the latter part of 2005, homes in the city of Palm Beach have increased by in price by 13 percent.
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