A Bit Of Camelot For A Measly $7 MilPeter Valdes-Dapena
So how come the storied Palm Beach estate of the Kennedy clan has been on the block for the past year, with no takers? You'd think the historical value would make it an easy sell. This is the site of both the glorious camaraderie of Camelot and the not-so-glorious William Smith affair, which did current patriarch Teddy Kennedy no political good.
Seems the estate is overpriced at $7 million and run-down, say local real estate agents. One, Nadine House--who says she rebuffed Kennedy retainers who asked her to sell it--believes comparable oceanfront mansions fetch just $4 million. Plus, she says, the home, built in 1923, needs $4 million in rehab. "It really is almost a teardown," she says. Problems: no central air conditioning, small bedrooms, some without closets, and an elevator in the middle of the living room. These woes were first reported in the Miami Daily Business Review.
Ned Monell, who handles the listing for Sotheby's International Realty, denies it is slow to move or overpriced. A family spokesman says grand houses like this take a while to sell.