We have measured the Coulomb dissociation of ^ { 8 } B into ^ { 7 } Be and proton at 254 MeV/nucleon using a large-acceptance focusing spectrometer . The astrophysical S _ { 17 } factor for the ^ { 7 } Be ( p , \gamma ) ^ { 8 } B reaction at E _ { c . m . } = 0.25 - 2.78 MeV is deduced yielding S _ { 17 } ( 0 ) = 20.6 \pm 1.2 ( exp . ) \pm~ { } 1.0 ( theo . ) eV-b . This result agrees with the presently adopted zero-energy S _ { 17 } factor obtained in direct-reaction measurements and with the results of other Coulomb-dissociation studies performed at 46.5 and 51.2 MeV/nucleon .