Beachfront stunner back on the market with $5m price drop

The owners of a luxury Palm Beach mansion have launched a fresh tilt at securing a buyer, dropping their asking price by a staggering $5 million.

The absolute beachfront property at 504 The Esplanade is listed at $11.25m — down from$16.5m when it first hit the market in March last year.

It is marketed by Amir Mian and Paulette Koriacos, of Amir Prestige.

The Bayden Goddard-designed home is back on the market after a price adjustment

Former V8 Supercar driver Paul Weel and his wife Emma built the stunning 5-bedroom, 5-bathroom home on an 824sq m lot in 2017.

Designed by acclaimed local architect Bayden Goddard, it was purchased by current owners Rodrick and Melissa Morrison for $5.5m in 2018.

“The sellers are willing to meet the market so we have had a significant price adjustment,” Mr Mian said.

“They have found something else so they are ready to negotiate with serious buyers.”

Mr Mian said the Hamptons-style home occupied a rare northeast facing double block along the prized southern coastal strip.

“What I particularly like about this property is the large block size with dual street frontage, which offers room for enhancements and redevelopment potential,” he said.

“Secondly, this is an architecturally designed, turnkey property that is ideal for an extended family, and you even have a mature lawn which you rarely find on the beachfront.”

Living is spread over three levels

Living is spread over three levels, with features including polished concrete or timber floors and high ceilings, a stylish kitchen with black granite benchtop and butler’s pantry, oceanfront pool and fire pit plus entertaining terrace, and three-car secure garage.

Two bedrooms are located on the ground floor, one with a steam shower ensuite and bar or kitchenette serving as ideal guest accommodation, while two other bedrooms are located on the first floor, and the top level is given over to a lavish master suite with a large walk-in robe, ensuite and private balcony with sweeping views.

A cabled roof lends coastal charm, while the stunning waterfall kitchen benchtop forms a focal point of the open-plan main living zone, and can accommodate 15 people for a relaxed gathering where breaking waves provide the ultimate backdrop.

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