The Kennedy family s 1920s oceanfront estate is expected to receive a "magnificent makeover," says a source

By Linda Marx
Updated June 03, 2015 04:45 PM

A remnant of Camelot has changed hands once again.

An oceanfront estate dubbed the “Winter White House” and once owned by the Kennedy family sold quietly last week for a recorded $31 million.

Jane Goldman, the daughter of late New York real estate investor Sol Goldman, bought the historic two-story property from the merchant banker John K. Castle and his wife, Marianne, for $31 million, a source close to the sale tells PEOPLE.

The historic property became known to millions of Americans during John F. Kennedy‘s presidency, as he and his young family enjoyed sun-drenched trips to the Florida estate, which has more than 200 feet of pure oceanfront and lots of green grass for the extended family’s famous touch football games.

“It is a national treasure,” the source tells PEOPLE.

A listing describes the Mediterranean-style mansion as having 15,347 square feet of living space, with 11 bedrooms and 16 bathrooms.

According to Palm Beach records, Joseph P. Kennedy Sr., the president s father, bought the 1920s house in 1933 from the Wanamaker family of Philadelphia – the department store magnates. The Castles then bought the estate from the Kennedy family in 1995 for $4.9 million, along with the interior furnishings.

The couple spent about two years renovating the manse, adding central air conditioning and preserving some of the rooms to look as they did when President Kennedy, First Lady Jacqueline Kennedy and their children, Caroline and John Jr., lived there.

(The property is also the site of an alleged late-night incident involving JFK’s nephew, William Kennedy Smith, in 1991, although he was acquitted of sexual assault charges against him.)

Although the new owners aren’t as famous as the Kennedys, they are sensitive to the historical significance of their new acquisition.

“The new owner plans a massive, multimillion-dollar renovation to preserve and enhance this historic property making it more livable for families of today,” the source tells PEOPLE. “It will be a Mediterranean masterpiece.”