The five-bedroom apartment has immaculate landscaped rooftop terrace with a pool designed by world renowned landscape designer Vladimir Djurovic.
"The space is truly incomparable, it is the epitome of luxury perfectly balanced with modern elegance complementing the surroundings of One Palm," said Mahdi Amjad, Executive Chairman and CEO of Omniyat Properties, Dubai-based property development group which sold the penthouse.
"Considering the modern lifestyle and high standards of living that the emirate offers, Dubai continues to cement itself as the most sought-after residential location of choice, with multi-millionaires shifting their home base to the country," he said.
The company said it sold the property at 73 million dirhams ($20 million) and beat its own 2017 record when it sold the most expensive penthouse in Dubai for 102 million dirhams.
Details of the buyer who has scooped up the second-most expensive penthouse have not been disclosed.