The late philanthropist Dana Hamel's oceanfront home in exclusive Lost Tree Village changed hands this week, and the new owner plans to build fresh. On South Florida's best waterfront, buyers are paying for the land and the address, not the house.
Key Takeaways
- The late Dana Hamel's oceanfront estate at 11800 Turtle Beach Road in North Palm Beach's Lost Tree Village sold for $27.5 million, and the buyer plans to tear it down.
- Hamel paid $2.5 million for the property in 1991, so the sale shows how much scarce waterfront land has appreciated.
- The deal was North Palm Beach's priciest recorded home sale that week, at over $4,000 per square foot for a house headed for demolition.
A $27.5 million home just sold so the new owner can knock it down. According to The Real Deal, the late philanthropist Dana Hamel's waterfront estate in North Palm Beach's exclusive Lost Tree Village traded this week, and the buyer plans to demolish the 1992 house and build new. It is another reminder that on South Florida's best waterfront, you are buying the land and the address, not the house.
What sold, and what is the buyer planning?
The home at 11800 Turtle Beach Road, a 6,800-square-foot, four-bedroom house built in 1992, sold for $27.5 million, over $4,000 per square foot, down from a $35 million asking price in April. It is on about one acre in North Palm Beach, with 128 feet of direct ocean frontage inside Lost Tree Village.
The late Dana Hamel had paid just $2.5 million for the property in 1991 and lived there until his death in September 2025. His trustees, including his son David Hamel and JPMorgan Chase, sold it to an entity called 11800 Turtle Beach Rd LLC. The buyer has not been identified and plans to demolish the house and build new, with James Kenny and Paul Kaneb of K2 Realty handling the listing and both sides of the deal.
Why pay $27.5 million for a house you will tear down?
This is the part that surprises people. At $27.5 million for a home headed for the wrecking ball, essentially all the value sits in the dirt, the frontage, and the Lost Tree address. Construction at this level is likely around $1,000 to $2,000 a square foot, so a new 10,000-square-foot home could add another $15 to $20 million on top of the land. Buyers run that math and still move forward, because direct oceanfront lots in a guard-gated enclave almost never come to market. The same logic drove deals like a $1.5 million lot that became a $100 million waterfront play, where the land is the asset and everything built on it is secondary.
The Hamel sale is also part of a clear South Florida pattern, where aging houses on prime lots sell for land value and get replaced. We saw the same story when a Miami Beach mansion sold and was slated for teardown on Hibiscus Island. As Larry Mastropieri pointed out on the Discover South Florida Podcast, the Hamel deal set the local bar for the trailing year: "This is the highest sold transaction in the neighborhood in the last year." (No higher sale has closed in Lost Tree Village in the past 365 days, though larger deals traded earlier in 2025.) And it reflects wider strength at the top: "You got some of these waterfront deals that are trading for big numbers." When the house is worth less than the ground beneath it, demolition is simply how a buyer unlocks the site.
Curious what waterfront land is really worth in North Palm Beach or Jupiter? A local expert can break down lot value versus house value before you buy or sell. Talk to a real estate agent near North Palm Beach who knows the waterfront. Reach out to The Mastropieri Group, Realtors® or call (561) 556-9853.
Why does Lost Tree Village command these prices?
Lost Tree Village is a 450-acre private community in North Palm Beach with its own oceanfront, golf club, and beach club, home to only a few hundred residences, with HOA dues around $6,600 a year. Scarcity drives everything here. According to The Real Deal, the community's reported high was a $55 million sale last year, with another home trading for $31.9 million and a more recent one for $13 million.
That run of eight-figure sales is why a buyer will pay $27.5 million just for the right to build on one of these lots. It fits the broader story of scarce waterfront land setting records across the region, from Manalapan down the coast to Jupiter, where luxury demand keeps climbing. On the best waterfront, big money keeps showing up for the land, and by the sound of this deal, for an owner who intends to build and actually live there.
Who was Dana Hamel?
It is worth remembering the man behind the address. Dana Hamel co-founded the Penn Corporation, a New Jersey consumer-products company, in 1964, and built it before he and his partner sold the business in the 1980s. A Harvard graduate, he became one of the country's quieter major philanthropists, giving more than $50 million over three decades to the University of New Hampshire, even though he never attended. The school named a recreation center, a research center, and the Hamel Honors and Scholars College in his honor. He bought the Turtle Beach Road property in 1991 and died in September 2025 at the age of 94. His former estate now begins a new chapter on one of South Florida's most coveted stretches of coast.
Watch More on This Topic: Watch this segment | Full Episode | Last week's recap
Frequently Asked Questions
How much did the Lost Tree Village estate sell for?
The oceanfront home at 11800 Turtle Beach Road sold for $27.5 million, down from its $35 million asking price in April. That works out to more than $4,000 per square foot, and the buyer plans to demolish the existing 1992 house and build a new one on the lot.
Why would someone buy a $27.5 million home to tear it down?
Because the value is in the land, not the aging house. Direct oceanfront lots inside a private community like Lost Tree Village rarely come up for sale, so buyers pay a premium for the location, the frontage, and the address, then invest millions more to build a new home suited to their taste.
Where is Lost Tree Village?
Lost Tree Village is a private, guard-gated community in North Palm Beach, just south of Juno Beach and north of Riviera Beach. It spans about 450 acres along the Atlantic, with its own oceanfront, golf club, and beach club, and only a few hundred residences.
Who was Dana Hamel?
Dana Hamel was a businessman and philanthropist who co-founded the New Jersey-based Penn Corporation. A Harvard graduate, he gave more than $50 million to the University of New Hampshire over three decades. He owned the Turtle Beach Road estate from 1991 until his death in September 2025 at age 94.
What are homes selling for in Lost Tree Village?
Prices at the top of Lost Tree Village run well into the eight figures. Recent reported sales include a $55 million high and a $31.9 million sale in early 2025, reflecting strong demand for scarce oceanfront lots in the community.
Local help for North Palm Beach buyers, sellers, and investors
Whether you are buying near the water, selling an aging home on a valuable lot, or just trying to understand what land is worth in North Palm Beach, it helps to work with a team that follows the waterfront market closely. Reach out to The Mastropieri Group, Realtors® in West Palm Beach, or call (561) 556-9853 for practical, hands-on guidance across South Florida.
Posted by Larry Mastropieri
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