Keith Frankel House: Inside His Palm Beach Estate Listed for $61.5M

The Keith Frankel house in Palm Beach is a rare ocean-to-lake estate that reached the market in 2018 with a $61.5 million asking price. Built for business executive Keith Frankel and his wife, Tammy, the property combines nearly two acres of land with frontage on both the Atlantic Ocean and Lake Worth.

The price attracted attention, but the setting is what makes the estate unusual. The property has roughly 200 feet of ocean frontage and about 180 feet along the lake, giving it both beachfront exposure and access to a private pier. Contemporary reports described the residence as one of a small number of Palm Beach properties stretching from ocean to lake.

Published figures for the home’s size are not identical. The Real Deal reported 21,305 square feet of air-conditioned interior space, while Mansion Global described the estate as nearly 23,000 square feet and later cited 22,975 square feet. Rather than treating one figure as definitive, it is more accurate to describe the house as roughly 21,000 to 23,000 square feet depending on how the space is counted.

The Estate Started With a $15.9 Million Land Purchase

Keith and Tammy Frankel bought the Palm Beach property in 2007 for a reported $15.9 million. The existing residence was demolished, clearing the way for a much larger custom home designed around the site’s unusual waterfront position.

The project took years to develop. In 2014, the property was briefly offered at approximately $65 million while the new residence was still in the pre-construction or unfinished stage. It did not sell at that point, and work continued.

By January 2018, the estate returned to the market with a $61.5 million asking price. Reporting at the time described construction as nearly complete, with finishing touches still being made. The house ranked among the most expensive properties then offered for sale in Palm Beach.

There is an unusual detail in the property’s history. Mansion Global reported that the Frankels ultimately decided not to move into the house, even though its design had been shaped around their preferences.

Its Ocean-to-Lake Setting Is the Real Luxury

The estate occupies approximately 1.93 acres on Palm Beach’s South Ocean Boulevard, along the area commonly known as Billionaire’s Row. On the east side is the Atlantic Ocean. On the west is Lake Worth, where the property includes a private pier.

That configuration creates a different kind of value from simply owning a large oceanfront house. The site combines beach frontage, lake access, substantial land and a large residence within one property.

The site’s coastal exposure also influenced the building design. Architect Mark Marsh said the residence was designed with hurricane protection in mind. Contemporary reporting placed the property at about 19.4 feet above sea level and described the house as being supported by a concrete pile foundation.

Those details matter because they show that the project was not designed around appearance alone. The waterfront location also shaped how the structure was built.

A Bermudan Design Rather Than a Heavy Mediterranean Look

Mark Marsh, of architectural firm Bridges & Marsh, was identified as the architect behind the estate. The house was designed in a Bermudan style with white walls, restrained classical lines and a lighter coastal character.

That choice helped distinguish it from many luxury Palm Beach homes that were marketed at the time with more elaborate Mediterranean styling. The design also fits the property’s water-oriented setting, where terraces, loggias and views form an important part of the architecture.

The house contains seven bedrooms and 14 bathrooms, including eight full baths and six half baths. A separate three-bedroom guest wing has its own living area and elevator access, allowing visitors to stay within the main residence while maintaining a greater degree of privacy.

Inside the Main Living Spaces

The interiors were planned on the scale expected of a trophy Palm Beach estate, but several details give a clearer sense of how the house was meant to function.

The kitchen was reported with white marble and quartz surfaces, mahogany cabinetry and a circular breakfast area. Other main-floor spaces include a formal dining room, library, lounge with a bar and a family room with a fireplace.

Water views play a major role throughout the house. Living areas open toward loggias and terraces, helping connect the interior rooms with the ocean-to-lake setting rather than treating the waterfront merely as a distant backdrop.

The lower level is more focused on entertainment and wellness. Reported features include a home theater, massage room, sauna, exercise area and a cabana with an open-air bar.

Outside, the property adds an infinity pool and spa. A freestanding guesthouse provides additional accommodation, while a four-car garage handles parking away from the principal living spaces.

What the $61.5 Million Figure Actually Means

The figure most closely associated with Keith Frankel’s Palm Beach mansion is $61.5 million, but that number should be described correctly. It was the property’s asking price when the estate came to market in 2018, not a confirmed sale price.

At the time, Mansion Global reported that the listing was the fourth most expensive home available on the island. The Real Deal also reported that a local real estate professional considered the asking price competitive on a price-per-square-foot basis given the rarity of ocean-to-lake property in Palm Beach.

That does not establish the estate’s current market value, and an asking price should never be treated as proof of what a property eventually sold for. The more defensible description is that the house was marketed at $61.5 million in 2018 after previously being offered around $65 million before completion.

Keith Frankel Also Owned Other Property in Palm Beach

The large waterfront estate was not the only Palm Beach home associated with the Frankels.

In 2020, Keith and Tammy Frankel sold another Palm Beach residence for $7 million. The Real Deal reported that the property measured roughly 5,100 square feet and included four bedrooms and six bathrooms.

The transaction helps separate the different homes connected with Frankel. It should not be confused with the much larger ocean-to-lake estate that had been listed for $61.5 million two years earlier.

Keith Frankel House at a Glance

Why This Palm Beach Mansion Still Stands Out

There are larger houses and more expensive listings in Palm Beach, so the most interesting part of the Frankel estate is not a single record-setting number. It is the combination of land, water access and design.

The property stretches between the Atlantic and Lake Worth, provides substantial guest and entertainment space and uses a Bermudan architectural language that was deliberately different from many comparable luxury homes on the market when it was completed.

Its history also makes the house more interesting than a simple luxury listing. The Frankels bought the site in 2007, demolished the previous residence, spent years developing the replacement and tested the market before construction was finished. By 2018, the result was being offered for $61.5 million as one of Palm Beach’s highest-priced homes.

That asking price created the headline. The ocean-to-lake site, architecture and years-long development story are what make the Keith Frankel house worth remembering.