A recent addition to the real estate market, the Kennedy Compound in Palm Beach is asking a stunning $38.5 million—a wild yet arguably befitting sum, considering that the estate once served as the former First Family's wondrous "Winter White House."

Currently owned by investment banker CEO John K. Castle—who purchased the 15,347-square-foot property from the Kennedy family for $4.9 million in 1995—the Atlantic Beach residence, located at 1095 North Ocean Boulevard, was originally built by renowned resort architect Addison Mizner for retail mogul Rodman Wanamaker in 1925. Eight years later, Joseph Kennedy—JFK's father—bought the home for $120,000. The prestigious family reportedly frequented its grounds during Easter, Christmas, and spring break for many years after.

The oceanfront abode—which has 11 bedrooms, 12 full baths, 3 partial baths, a swimming pool and tennis court—served as the site of numerous press conferences and presidential rendezvouses back in the day. However, after it stopped being used for a while, it deteriorated to the point that it nearly became a target for demolition.

Resolved to change its bleak outlook, Castle spent two years and $6 million to renovate the then-crumbling palace, which he fondly referred to as a "national sanctuary."

To view the property's full listing, click here.

Details courtesy of Curbed and photos courtesy of DailyMail.co.uk.

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