British millionaire philanthropist Peter Lampl is looking to sell his South Florida vacation home.
Lampl is listing the nearly 2-acre estate at 3545 North Ocean Boulevard in Gulf Stream for $20.95 million. Property records show the Sutton Company owns the beachfront home. A notice of commencement filed in 1999 lists Lampl as the true owner.
Lampl, the founder and chairman of the Sutton Trust and the Education Endowment Foundation, also founded the Sutton Company, a private equity firm in New York City, London, and Munich. Florida corporate records show Bruce Hood, an international tax attorney based in New York, controls Sutton. The company paid $5.15 million for the 14,000-square-foot mansion in 1997.
The 230 feet of ocean frontage is the most significant feature of the property. It’s very difficult to find a piece of oceanfront that large anywhere in Palm Beach County. The home, built in 1958 and updated over the years, could be gut-renovated or demolished and replaced with new construction, and a new house could sell in the $40 million range.
The estate includes a study, media room, master wing, staff quarters, a putting green, and a pool on the west side of the property. You can entertain in the evening around the pool and be out of the wind. Most people build [pools] on the ocean and they can’t entertain as much.
Most of the buyers are coming out of the Northeast and out of California.
The nearly $21 million asking price breaks down to about $1,500 per square foot for the house and $245 per square foot for the land.
In February, a spec home nearby at 3333 North Ocean Boulevard sold for $18.5 million, or $1,920 a foot for the home and $330 per square foot for the land, which has 125 feet of ocean frontage.
Written By Katherine Kallergis
