500 Palmetto Place, Indialantic, FL 32903

$1,150,000

Virtual Tour

https://www.propertypanorama.com/instaview/spc/1016128

Indian River Park, river access at the end of Orlando Blvd

Property Type: Residential Bedrooms: 4 Baths: 4 Square Footage: 2,722 Lot Size (sq. ft.): 18,731 Status: Closed

Current Price: $1,150,000 List Date: 6/22/2024 Last Modified: 6/08/2026

Overview

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

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.

Listing Details MLS# 1016128

General Property Information

Bedrooms Total: 4
Bathrooms Total: 4
Bathrooms Full: 3
Bathrooms Half: Yes
Living Area: 2722
Living Area Source: Owner
Accessibility Features YN: No
New Construction YN: No
Year Built: 1961
Garage YN: Yes
Garage Spaces: 2
Carport YN: Yes
Carport Spaces: 2
Lot Size Acres: 0.43
Lot Size Square Feet: 18731
Association YN: No
CDD Fee YN: No
Community Fee(s) YN: No
Water Body Access YN: No
Waterfront YN: No
Furnished: Unfurnished
Stories: Yes
Direction Faces: South
Senior Community YN: No
List Price/SqFt: 439.02
Sold Price/SqFt: 422.48

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

Contract Information

Original List Price: 1195000
Listing Contract Date: 2024-06-06
Start Showing Date: 2024-06-22
Property Sub Type: Single Family Residence

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

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

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

More Information

DPR Eligible

DPR Eligible: No

Legal Details

Permission Granted to Advertise: Yes

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

Appliances

Dishwasher: Yes
Double Oven: Yes
Dryer: Yes
Gas Range: Yes
Ice Maker: Yes
Washer: Yes

Architectural Style

Mid-Century Modern: Yes

Construction Materials

Block: Yes
Concrete: Yes

Cooling

Central Air: Yes

Current Use

Residential: Yes

Exterior Features

Impact Windows: Yes

Fencing

Back Yard: Yes

Flooring

Terrazzo: Yes

Heating

Electric: Yes

Interior Features

Breakfast Bar: Yes
Eat-in Kitchen: Yes
Walk-In Closet(s): Yes

Listing Terms

Cash: Yes
Conventional: Yes
VA Loan: Yes

Lot Features

Corner Lot: Yes

Other Structures

Workshop: Yes

Parking Features

Attached Carport: Yes
Circular Driveway: Yes
Garage: Yes

Pool Features

In Ground: Yes

Possession

Close Of Escrow: Yes

Road Frontage Type

City Street: Yes

Road Surface Type

Asphalt: Yes

Roof

Shingle: Yes

Sewer

Public Sewer: Yes

Special Listing Conditions

Standard: Yes

Utilities

Electricity Connected: Yes
Sewer Connected: Yes
Water Connected: Yes
Propane: Yes

Water Source

Public: Yes

Rental Restrictions

3 Months: Yes

Documents

500 Palmetto Survey ›

500 Palmetto Sellers Disclosure ›

500 Palmetto Lead Paint Disclosure ›

Listing Office: Island Pineapple Realty, LLC

Last Updated: June - 08 - 2026

Information is deemed to be reliable, but is not guaranteed.