While April 15 might have marked Tax Day for many, in Palm Beach, it was the closing date for one of the island’s most talked-about real estate transactions: the sale of 240 North Ocean Boulevard, a Mediterranean-style oceanfront estate, which sold for $26.67 million.
This transaction adds another data point to the ongoing strength of Palm Beach’s luxury market, where trophy properties continue to attract high-net-worth buyers seeking both security and a world-class lifestyle.
Elizabeth DeWoody of Compass and Jack Rooney at Douglas Elliman represented the seller, Tiffany Cloutier, who listed it in 2023 for $39 million. Her late husband, George Cloutier, an entrepreneur and small-business consultant, purchased it in 2003.
DeWoody says the sale of 240 N Ocean Boulevard is “a testament to the enduring allure and strong demand for Palm Beach real estate. In these uncertain economic times, many of my clients are turning to tangible assets like real estate as a hedge against inflation. Palm Beach stands out as a particularly safe investment, offering stability and growth even when the broader market wavers.”
Dana Koch of Corcoran Palm Beach represented the buyer, whose name was not disclosed.
A Landmark Location
Positioned at the corner of North Ocean Boulevard and Atlantic Avenue, the estate is just minutes from iconic Palm Beach destinations like Royal Poinciana Way and Worth Avenue. From fine dining and upscale shopping to pristine beaches and cultural attractions, the location offers both accessibility and privacy—making it especially appealing to today’s discerning buyers.
Its central position on the island ensures proximity to the area's social and lifestyle offerings, while still providing a serene retreat with direct oceanfront access.
“The demand for waterfront properties in Palm Beach remains incredibly high, fueled by limited supply. While demand is high and supply remains limited, it is still crucial to price properties at market value,” DeWoody says of the overall market. “Notably, the average home price on the Island of Palm Beach has shown a consistent upward trend, indicating buyers’ willingness to pay market prices for the right property.”
She continued, “Palm Beach pricing continues to rise and outpace other luxury markets. This trend highlights the unique value proposition that Palm Beach offers, not just as a real estate investment but as a lifestyle choice.”
“Altogether, Palm Beach not only represents a sound investment but also offers an unparalleled lifestyle, making it one of the best places to live in the world,” she adds.
The $27 million sale of 240 N Ocean Boulevard is more than a headline—it’s a strong signal of Palm Beach’s continued market dominance. With limited oceanfront inventory, sustained buyer interest, and a lifestyle that’s second to none, the area remains a top destination for those looking to invest in prime coastal real estate.
Whether you're seeking your next home or exploring high-end investment opportunities, Palm Beach continues to offer exceptional value—and exceptional living. Contact Elizabeth DeWoody to learn more about exclusive offerings or to discuss your real estate goals in this premier market.
