Celebrities often make headlines for expensive purchases, but they can also draw attention for what they do with their properties. Rock musician Jon Bon Jovi became the talk of the town in Palm Beach, Florida, after he bought a waterfront property, knocked down an existing house, and built a new one. He did not live in the expensive property himself and later sold it, moving to a much bigger estate next door.
According to Palm Beach Daily News, the singer and his wife Dorothea Hurley bought a Palm Beach property for $10 million in March 2018. After tearing the house down and building a new one to suit their needs, they sold it for $19.85 million in July 2020. The same day, they purchased another, larger oceanfront property for $43 million.
A $ 10 million purchase and plans for redevelopment
The Bon Jovi Palm Beach property purchase began in March 2018, when a company linked to the artist bought a five-bedroom oceanfront mansion at 230 North Ocean Boulevard for $10 million. This was an already existing home that was constructed way back in 1985 and was roughly 6,800 square feet. The house had features such as ocean views, a pool, and a spa, but it had also suffered significant storm damage. Instead of fixing the current house, the couple decided to demolish it and construct a new one. The new structure consisted five bedrooms and five-and-a-half-bath house. However, the Shapiro Pertnoy Construction Group built the house, which combined modern and traditional features.
According to research published in Regional Science and Urban Economics, buyers often value the land and location more than the existing structure when purchasing properties for demolition and redevelopment. The findings suggest that the buyers considering such projects often place greater importance on the underlying land and its location than the existing structure. Bon Jovi’s decision to replace the older house illustrated how an oceanfront location can remain valuable even when the original building is no longer suitable for the owner’s plan.
Selling the newly built home for $ 19.85 million
Following the completion of construction work, Bon Jovi and Hurley put the new property up for sale in May 2020 at a price of $22.9 million. It comprised five bedrooms and five bathrooms over a total of 5,024 square feet. Some of its unique features were oak and limestone flooring, a private library, a swimming pool, an outdoor loggia, and a primary bedroom suite facing the ocean. The house was designed for comfortable indoor and outdoor living, a fit for Florida’s coastal setting. The house eventually sold for $19.85 million on July 17, 2020.
A $43 million move to a larger oceanfront estate
Along with the sale of the smaller house, there was also a larger purchase made on the same day. On July 17, 2020, Bon Jovi and his wife purchased a larger house at 1075 North Ocean Boulevard for $43 million. The home was originally listed for about $44.9 million and was previously owned by television executive Jeffrey A. Marcus, who bought it for $23.2 million in 2014. The home was built in 2007 and had more than 10,000 square feet of living space, seven bedrooms, several bathrooms, and multiple amenities.
The mansion also had an oceanfront pool, a loggia with ocean views, a wine cellar, an exercise room, an elevator, and an air-conditioned three-car garage. This property was larger than the custom-built house the singer was selling. The property had spacious interiors and outdoor entertainment areas, making it a comfortable home and a good place to host gatherings.