The massive Palm Beach, Florida, mansion owned by Broadway producer and socialite Terry Allen Kramer has sold for almost $105 million, according to deeds filed with the county on Monday.
The sale closed last Friday. Including commissions and fees, the transaction should top $110 million, according to people familiar with the sale.
The property was listed in October 2018 for $135 million, according to listing records. It went into contract in mid-June.
The sale is the most expensive ever in Palm Beach, according to Multiple Listing Service records. The previous record was set in 2008 by President Donald Trump’s Palm Beach home, which sold to Russian billionaire Dmitry Rybolovlev for $95 million.
With about 5 acres, the estate at 1295 S. Ocean Blvd known as La Follia was marketed as the only direct ocean-to-lake estate on Palm Beach, the mansion stands on land rising 24 feet above sea level. The oceanfront half of the property measures about 2.61 acres with 210 feet of direct water frontage. The Italian Renaissance mansion with a total of 37,516 square feet has 13 bedrooms, 14 full bathrooms, four half baths, a home theater, and a fitness center
The compound is decorated with lush trees and lawns, and comes with a swimming pool, a garage and a boat dock.
Kramer, who died in May at 85, completed the mansion in 1993 with her late husband Irwin Kramer, who died in 1999. She was heir to the fortune of her father, Charlie Allen Jr., who founded the New York investment firm Allen & Co. She backed many Broadway productions, including “Hello, Dolly!,” “The Humans,” which won four Tony Awards, and “Kinky Boots,” which won best musical in 2013.