$1,150,000
Indialantic, FL 32903
MLS# 1016128
Status: Closed
4 beds | 4 baths
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Property Description
Pristine mid-century home built by famous American race car driver, Jim Rathmann. After winning what was voted the greatest Indy 500 of all time, Rathman used his winnings to build this spectacular estate, hence the street address 500 Palmetto. The home sits on an expansive .45 acre, corner lot located a block away from Orlando Park in coveted SOFA district of Indialantic. Tastefully and thoughtfully updated with sparkling Terrazzo flooring and custom walnut cabinetry and doors throughout. Gourmet kitchen with double-thick quartz counters, Thermador appliances including a gas cooktop and double ovens. Spacious den/office overlooks pool and includes a walnut built-in with TV. Expansive outdoor space with fully remodeled, oversized saltwater pool and cabana bath. Newly constructed concrete block shed/workshop has potential for detached office with power sufficient for mini-split A/C. Infrastructure upgrades include new plumbing (PVC drains), hurricane impact rated windows and doors
Details
Maps
Documents
Contract Information
Start Showing Date: 2024-06-22
Current Price: $1,150,000
Original List Price: 1195000
Sold Price: $1,150,000
Status: Closed
Listing Contract Date: 2024-06-06
Property Sub Type: Single Family Residence
Location, Tax, and Legal
Tax Account: 2846706
Parcel Number: 28-38-06-Es-00069.0-0013.01
General County Location: South
Elementary School: Indialantic
Middle School: Hoover
High School: Melbourne
Tax Annual Amount: 7268.41
Tax Year: 2023
Tax Legal Description: INDIALANTIC BY THE SEA SLY 110.15 FT OF LOT 13 BLK 69
Directions: From 5th Ave, South on A1A, Right on Orlando, Left on Magnolia, house will be on the right corner of Palmetto and Magnolia
General Property Information
Bathrooms Half: 1
Living Area: 2722
Living Area Source: Owner
Lot Size Acres: 0.43
Lot Size Square Feet: 18731
Accessibility Features YN: No
Association YN: No
New Construction YN: No
Garage YN: Yes
Garage Spaces: 2
Carport YN: Yes
Carport Spaces: 2
Waterfront YN: No
Senior Community YN: No
CDD Fee YN: No
Community Fee(s) YN: No
Water Body Access YN: No
Furnished: Unfurnished
Stories: 1
Direction Faces: South
List Price/SqFt: 439.02
Sold Price/SqFt: 422.48
Bedrooms Total: 4
Bathrooms Total: 4
Bathrooms Full: 3
Year Built: 1961
Remarks and Miscellaneous
Public Remarks: Pristine mid-century home built by famous American race car driver, Jim Rathmann. After winning what was voted the greatest Indy 500 of all time, Rathman used his winnings to build this spectacular estate, hence the street address 500 Palmetto. The home sits on an expansive .45 acre, corner lot located a block away from Orlando Park in coveted SOFA district of Indialantic. Tastefully and thoughtfully updated with sparkling Terrazzo flooring and custom walnut cabinetry and doors throughout. Gourmet kitchen with double-thick quartz counters, Thermador appliances including a gas cooktop and double ovens. Spacious den/office overlooks pool and includes a walnut built-in with TV. Expansive outdoor space with fully remodeled, oversized saltwater pool and cabana bath. Newly constructed concrete block shed/workshop has potential for detached office with power sufficient for mini-split A/C. Infrastructure upgrades include new plumbing (PVC drains), hurricane impact rated windows and doors
Appliances
Dishwasher: 1
Double Oven: 1
Dryer: 1
Gas Range: 1
Ice Maker: 1
Washer: 1
Architectural Style
Mid-Century Modern: 1
Construction Materials
Block: 1
Concrete: 1
Cooling
Central Air: 1
Current Use
Residential: 1
DPR Eligible
DPR Eligible: No
Exterior Features
Impact Windows: 1
Fencing
Back Yard: 1
Flooring
Terrazzo: 1
Heating
Electric: 1
Interior Features
Breakfast Bar: 1
Eat-in Kitchen: 1
Walk-In Closet(s): 1
Legal Details
Permission Granted to Advertise: Yes
Listing Terms
Cash: 1
Conventional: 1
VA Loan: 1
Lot Features
Corner Lot: 1
Other Structures
Workshop: 1
Parking Features
Attached Carport: 1
Circular Driveway: 1
Garage: 1
Pool Features
In Ground: 1
Possession
Close Of Escrow: 1
Road Frontage Type
City Street: 1
Road Surface Type
Asphalt: 1
Roof
Shingle: 1
Sewer
Public Sewer: 1
Special Listing Conditions
Standard: 1
Utilities
Electricity Connected: 1
Sewer Connected: 1
Water Connected: 1
Propane: 1
Water Source
Public: 1
Rental Restrictions
3 Months: 1
Location Tax and Legal
Street Number: 500
Street Name: Palmetto
Street Suffix: Place
County: Brevard
State: FL
Postal Code: 32903
MLS Area Major: 384-Indialantic/Melbourne Beach
Subdivision Name: Indialantic By The Sea
Status Change Information
Major Change Timestamp: 2024-08-26T18:11:37Z
Major Change Type: Status Change
Status Change Timestamp: 2024-08-26
Purchase Contract Date: 2024-07-12
Close Date: 2024-08-26
Close Price: 1150000
Property Features
Appliances: Dishwasher; Double Oven; Dryer; Gas Range; Ice Maker; Washer
Architectural Style: Mid-Century Modern
Construction Materials: Block; Concrete
Cooling: Central Air
Current Use: Residential
Exterior Features: Impact Windows
Fencing: Back Yard
Flooring: Terrazzo
Heating: Electric
Interior Features: Breakfast Bar; Eat-in Kitchen; Walk-In Closet(s)
Listing Terms: Cash; Conventional; VA Loan
Lot Features: Corner Lot
Other Structures: Workshop
Parking Features: Attached Carport; Circular Driveway; Garage
Pool Features: In Ground
Possession: Close Of Escrow
Rental Restrictions: 3 Months
Road Frontage Type: City Street
Road Surface Type: Asphalt
Roof: Shingle
Sewer: Public Sewer
Special Listing Conditions: Standard
Utilities: Electricity Connected; Sewer Connected; Water Connected; Propane
Water Source: Public
Supplements
whole home generator hook-up, new HVAC ducts (2015) and a tankless water heater. Experience island life at its finest with stunning river-view sunsets at the nearby park and enjoy a short, scenic walk to the beach. Schedule your showing today to view this truly one-of-a-kind home.
500 Palmetto Survey 
Listing Office: Island Pineapple Realty, LLC
Last Updated: April - 01 - 2025
Information is deemed to be reliable, but is not guaranteed.