550 Island Drive, Palm Beach, FL 33480 (MLS# R11034636)

550 Island Drive, Palm Beach, FL 33480

$25,400,000

Virtual Tour

https://www.propertypanorama.com/550-Island-Drive-Palm-Beach-FL-33480/unbranded

Property Type: Residential Bedrooms: 6 Baths: 6 Square Footage: 6,207 Status: Closed

Current Price: $25,400,000 List Date: 11/06/2024 Last Modified: 8/13/2026

Overview

Description

BEAUTIFULLY REIMAGINED: This Bermuda gem evokes an island lifestyle and ambiance which is ideal for families and entertaining. The interior has been beautifully reimagined and is now in total harmony with the tropical gardens that surround the house. The home is the epitome of ''Palm Beach Chic'' in the truest sense. Architectural elements include soaring pickled wood ceilings throughout the house, outdoor covered loggias with a fireplace and an infinity pool which all create a magical setting overlooking 150' of water frontage. There is a separate pool house positioned alongside the water which consists of a large living room with vaulted ceilings, bedroom, bathroom, morning bar and outdoor gazebo for ''alfresco'' dining. The house was taken down to the studs in 2016 and SEE MORE:

Supplements: completely rebuilt with no expense spared. The renovation includes a cement slurry roof, all impact windows and doors, a new seawall, boat lift, 2 floating docks and a full house generator just to name a few. The outdoor lighting is exquisite throughout the garden and illuminates the water at night from the seawall. The effect is stunning. This is ... (Read more)

Listing Details MLS# R11034636

General Property Information

Property Sub Type: Single Family Residence
Bedrooms Total: 6
Bathrooms Total: 6
Bathrooms Full: 5
Bathrooms Half: Yes
Building Area Main: 6207
Building Area Source: Other
Living Area Main: 4890
Year Built: 1955
Garage YN: Yes
Attached Garage YN: Yes
Garage Spaces: 2
Covered Spaces: 2
Gated Community YN: No
Lot Size Area: 23962
Lot Size Acres: 0.55
Lot Size Dimensions: 150.0 ft x 159.0 ft
Senior Community YN: No
Waterfront YN: Yes
Outdoor Living Spaces YN: Yes
Stories Total: Yes
Stories: Yes
Direction Faces: East
Fireplace YN: Yes
Pool Private YN: Yes
Furnished: Unfurnished

Property Features

Electric: Three Phase Flooring: Wood Parking Features: Attached Garage; Garage Property Condition: Resale Appliances: Dishwasher; Disposal; Dryer; Free-Standing Freezer; Gas Range; Ice Maker; Microwave; Refrigerator Boat and Dock Features: Private Dock Construction Materials: CBS Cooling: Central Air Heating: Central Listing Terms: Cash; Conventional Other Structures: Cabana; Greenhouse Pets Allowed YN: Yes Pool Features: Heated Possession: Close Of Escrow Restrictions: No Restrictions Roof: Other Security Features: Security System Owned Tax Information: Homestead Exemption Water View: Intracoastal Waterfront Features: Intracoastal Window Features: Storm Window(s) Showing Requirements: Appointment Only; Call Listing Agent Outdoor Living Spaces: Patio Patio Details: Patio - Covered Contingencies: None Room Types: Kitchen; Living Room; Master Bedroom Acreage Description: 1/2 To Less Than 1 Acre Lot

Contract Information

Comp Sale YN: No
Original List Price: 24900000

Location and Legal

Country: United States
County Or Parish: Palm Beach
County Parish Name: Palm Beach
Street Number: 550
Street Name: Island
Street Suffix: Drive
City Name: Palm Beach
State Or Province: FL
Postal Code: 33480
Postal Zip: 33480
Subdivision Name: EVERGLADES ISLAND 3
Area: 5003
Geographic Area: PB30
Special Assessment YN: No
Parcel Number: 50434327030000361
Zoning: R-B(ci

Financial Information

Association Deposit YN: No
Membership Fee Required YN: No
Tax Annual Amount: 118456
Tax Year: 2023
Tax Legal Description: EVERGLADES ISLAND PL NO 3 S 50 FT OF LT 36 & LT 38

Remarks and Miscellaneous

Public Historical Remarks: Boat Services:Private Dock Y

More Information

Status Change Information

Major Change Timestamp: 2025-01-08T18:07:26Z
Major Change Type: Status Change
Status Change Date: 2025-01-08
Under Contract Date: 2024-11-26
Close Date: 2025-01-08
Close Price: 25400000
Buyer Financing: Cash

Short Sale Details

Short Sale Addendum: No

Boat and Dock Information

Dock: Yes

Main Level Rooms

Main Level Bathrooms: 5
Main Level Bedrooms: 6

Storm Protection

Impact Glass: Partial

Concessions

Seller Concessions: No

Contributions

Buyer Contributions: No

Room Types

Kitchen Level: Main
Living Room Level: Main
Master Bedroom Level: Main

Price Calculations

Current Price To SqFt: 5194.27
Original List Price To Close Price: 0.98

Originating Details

Originating System Key: 20241104233751334659000000
Originating System ID: M00000170

Room Information

Room Name	Length	Width	Level
Living Room	0.00	0.00	Main
Kitchen	0.00	0.00	Main
Master Bedroom	0.00	0.00	Main

Listing Office: Brown Harris Stevens of PB

Last Updated: August - 13 - 2026

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