FOR SALE: Mar-a-Lago, fabled oceanside estate of the late cereal heiress Marjorie Merriweather Post.
Considered one of the grandest old-time estates left in the moneyed resort town of Palm Beach, Mar-a-Lago is expected to draw a record-breaking price of more than $15 million.
The 17-acre estate boasts a 117-room Spanish Mauresque-style mansion, guest houses, a green-house, a nine-hole golf course, a pool and a private tunnel leading to a cabana on the beach.
The sale of the reowned estate is being handled by the Palm Beach office of auctioneers Sotheby Parke Bernet and by three local real estate brokerage houses.
Should the estate sell for the anticipated $15 million or more, the brokerage firm fortunate enough to find a buyer could get as much as $900,000 in fees.
The brokerage firms have agreed to the real estate industry's standard commission of 6 percent of the price of the property, a Sotheby spokesman said Wednesday.
The rambling estate was donated to the federal government by the four-times-married, four-times-divorced heiress after her death in 1973.
Early this year, however, the federal government gave it back to the charitable foundation established by the heiress because a suitable use could not be found for the property.
Post had stated she did not want it open to the public.