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Heir to coal fortune lists Palm Beach estate for $38M

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Heir to coal fortune lists Palm Beach estate for $38M

As reported in The Real Deal.

A member of the Berwind family that made its fortune in the coal industry is listing a custom lakefront estate in Palm Beach for $37.5 million.

James Berwind and his partner, Kevin Clark, built the nearly 10,000-square-foot Bermuda-style mansion at 320 Island Road. It’s now hitting the market. The couple is looking to sell the six-bedroom, six-bathroom compound as they plan to travel the world on a new yacht, according to the Palm Beach Daily News.

Berwind, an environmental architect and animal-rights activist, is a son of the late Charles Graham Berwind Jr., the former leader of the Berwind Group. The company was historically involved in the coal industry and later became an investment management firm.

The Palm Beach property includes two detached two-story guest houses, each with two-bedroom suites, a boat lift, full-house generator, car lifts in the garages, smart home features, 231 feet of water frontage on Tarpon Cove, gardens, patios, a waterfall and pool.

Property records show Berwind paid $9.7 million for the 0.6-acre lot in 2012.

The ultra high-end home sale market hit an all-time high this summer in Palm Beach. Fourteen single-family homes totaling more than $343 million in sales volume closed in July, according to MLS and Palm Beach County. By comparison, in July of last year, 10 properties sold for only $97 million. [Palm Beach Daily News] – Katherine Kallergis