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Luxe Apartment Atop Tiffany’s in Palm Beach Headed to the Auction Block

Realtor.com

Holly Golightly was all about breakfast at Tiffany’s, but a bidder could win the opportunity to spend the morning having breakfast on Tiffany’s.

This luxury apartment, which sits prettily atop the Tiffany’s Building in Palm Beach, FL, is set to be auctioned off with no reserve price.

Potential bidders must put $100,000 in escrow just for the privilege of participating. If you don’t win the auction, you get your money back. If you do win, the 100 grand goes toward your earnest money.

Concierge Auctions is handling the sale, and expects the gavel price to come in somewhere between $13 million and $20 million.

As Katie Lawless Ballard with Concierge Auctions put it, “There are no comps.” When the residence was on the market in early 2021, the price tag was $19.5 million.

She expects bidding on the glam 12,000-square-foot dwelling to be fierce.

“There have been a lot of interested buyers who have held back, waiting for the price to drop,” she says.

She adds that the auction on March 15 will encourage buyers to step up, because a hard deadline forces folks to act.

One of the unit’s big selling points is that the interior is “designer-ready,” according to Lawless Ballard.

In other words, it’s a white box. The winning bidders—and their designer—will decide on the configuration, decor, and finishes.

Penthouse in Palm Beach, FL

Concierge Auctions

Possible kitchen/family room

Concierge Auctions

Possible great room with dining area

Concierge Auctions

Listing details suggest that the residence will ultimately feature five bedrooms and 7.5 bathrooms, spread out over the top two floors. As the renderings show, there’s potential to customize the place to a buyer’s whims.

Bedroom rendering

Concierge Auctions

Square footage on the ground floor is comprised of a street-level entry foyer, an elevator, and stairs to the penthouse.

The second floor of the penthouse spans the entire second floor of the building. Tiffany’s once used the second floor of the building to showcase its wares, but the jewelry store downsized to the ground floor only.

The building’s owner then decided to make the second floor into a luxury penthouse apartment and add to its square footage by building the luxe addition on the roof.

As if being connected to the jewelry store wasn’t enough, the glamorous residence is located on Worth Avenue, Palm Beach’s equivalent of Rodeo Drive, close to chic shopping and dining.

With 360-degree views, encompassing Worth Avenue, downtown Palm Beach, and the ocean, the vistas from the top level are hard to beat.

Rendering of second-floor stairway to third floor

Concierge Auctions

As for the outdoor space on the top level, a buyer will have to add a few finishing touches.

“The exterior of the third floor is almost complete,” says Lawless Ballard.

There’s a terrace on two sides, an infinity-edge pool, as well as space for a bar and outdoor kitchen.

Third-floor rendering

Concierge Auctions

Penthouse pool

Concierge Auctions

Part of the third-floor terrace

Concierge Auctions

Thus far, it is mostly local investors who have shown interest, but European bidders have also expressed their desire to bid. Whoever winds up with it will acquire a residence that’s genuinely one of a kind, in one of the nation’s hottest luxury markets.

“It really is a trophy property, because there’s nothing like it anywhere else in the world,” says Lawless Ballard.

The post Luxe Apartment Atop Tiffany’s in Palm Beach Headed to the Auction Block appeared first on Real Estate News & Insights | realtor.com®.

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