After listing for the first time in a half century in December, the former Palm Beach estate of Philip and Mary Hulitar has lowered its asking price by a cool $2 million.
Situated on a prime two-acre waterfront lot, the seven-bedroom, nine-bathroom Bermuda-style compound was designed in 1947 by architect Marion Sims Wyeth for client Phillip Danforth Armour III.
It was later purchased by Philip Hulitar, noted 1950s fashion designer, artist, and architectural preservationist. Although Mr. Hulitar and his wife Mary have since passed away, their personal midcentury-meets-traditional style can still be seen in the home’s eclectic mix of prints, patterns, and wood paneling.
Initially available for $41.9 million, the Hulitar estate relisted on June 13 for $39.9 million. Proceeds from the sale will benefit cultural organizations and charities through the Hulitar Family Foundation, listing agent Ashley McIntosh of Douglas Elliman told the Palm Beach Daily News in December.
Aside from its charming time capsule appeal, the real value of home most likely lies its nearly 240 feet of ocean frontage. Several other older nearby property have been demolished in recent years for new developments.