A 1920s-era Florida mansion situated on a pink-sand beach and overlooking the Atlantic Ocean has gone on sale for $28.5 million - a full $18.5 million more than its Boston-based hedge fund manager owner bought it for just two years ago.
The 12,500-square-foot Mediterranean style home was put on the market last week, according to Mansion Global, after Michael Rashes, a principal at Bracebridge Capital, and his wife, Dena, bought it for $10.5 million in May 2019.
It includes seven bedrooms, 10 full bathrooms and four half baths, with three guest villas overlooking the water in the Palm Beach County town of Gulf Stream.
'There's about 202 feet of ocean frontage, which is about double the size of many other estates,' Candace Friis, of the Corcoran Group, told Mansion Global.
She said the Rashes were not spending as much time in Florida as they used to, and decided to downsize.
A Mediterranean-style waterfront property in Florida has hit the market for $28.5 million
It was bought in May 2019 by Michael Rashes, a principal at Bracebridge Capital, and his wife, Dena, for $10.5 million
The property, on 1.26 acres of land in Palm Beach County, sits right on top of a pink-sand beach
A view of the exterior of the house from the Atlantic Ocean
Candace Friis, of the Corcoran Group, said the Rashes decided to sell the luxurious home to downsize
Much of the home is made up of imported materials, like limestone floors
The home has a large, private driveway and a four-car garage
There are now only about 750 homes in the Gulf Stream community
The house is surrounded by more than 200 feet of waterfront frontage
The house was first built in 1926, but was recently renovated by the architectural firm Bridges and Marsh, according to its listing.
Materials from around the world provide the house with its Mediterranean, spa-like ambience, with limestone floor, cypress cathedral ceilings, imported marble and wall murals from Spain, Friis told Mansion Global.
It also includes high-impact windows and doors made by the German company Tischler and Sohn.
The house has cypress cathedral ceilings. Here is a view of a living room inside the luxurious house
