Bob Vila's Stunning Palm Beach Estate Sold for $33 Million After Price Cuts

690 Island Drive, Palm Beach, FL, USA - On June 17, renowned TV handyman Bob Vila and his wife, Diana Barrett, closed the sale of their magnificent lakefront estate in Palm Beach for a whopping $33 million. This stunning property, located at 690 Island Drive on Everglades Island, underwent a significant price cut from its original listing of $52.9 million in November 2023, making it a noteworthy transaction in the bustling real estate market. These seasoned homeowners have been in the limelight, not just for their contributions to home improvement television but also for their impressive real estate savvy. The transaction was facilitated by attorney Scott W. Hoffman representing a trust and carried out by Christian Angle of Christian Angle Real Estate, who handled both sides of the deal, as reported by Palm Beach Post and further detailed by The Real Deal.

Vila and Barrett’s estate had been listed for sale since late 2023 and experienced a dramatic reduction of $19.9 million before finally selling. The couple first purchased the property in 2005 for $6.1 million and made extensive renovations to modernize the 1949-built home. Their improvements included updating outdated electrical and plumbing systems, which enhanced the overall value of the estate. Now, the new owners will enjoy its vast 7,621 square feet of living space, featuring seven bedrooms and stunning water views from large windows and glass pocket doors.

A Legacy in Luxury

This property is not just any house; it encompasses a dock, boat lift, and sits on four-fifths of an acre with 175 feet of Intracoastal Waterway frontage. Vila and Barrett have taken great care to modernize the estate, which had not seen the market in nearly 50 years prior to listing it. The property previously served as a long-standing family legacy for Barrett, whose family has owned it since the mid-1970s. With their change of address now listed at 260 N. Woods Road—also under contract for $12.9 million—one can’t help but wonder what other investments might be on the horizon for the couple, as noted by Premier Estate Properties.

The Palm Beach real estate scene has been quite active, boasting approximately $1.876 billion in single-family home sales in 2024 alone. The charm of the town continues to draw in wealthy buyers from various regions, including the Northeast, West Coast tech hubs, and international markets. With properties frequently exceeding $5 million, many buyers see Palm Beach as a haven for luxury and investment, particularly due to Florida’s favorable tax situation.

Market Trends and Future Insights

As for the future of the newly sold estate, plans remain a mystery, but the upscale community is sure to welcome fresh developments. The luxury home inventory reported an increase in listings pr exceeding $5 million, giving buyers a wide array of options. Several notable recent sales included a home in the Mar-a-Lago Security Zone traded for $17 million after a price drop, further showcasing the dynamic nature of the market as seasonal residents look to finalize their purchases before returning to cooler climates.

In a market where many properties garner significant interest, Vila and Barrett’s success in real estate reminds us all that smart investments can pay off handsomely. With a mix of luxury, history, and strategic selling, Palm Beach continues to thrive as a top choice for affluent buyers, as highlighted by the exciting developments in local real estate.