Distinctive Palm Beach Properties
 
 
Zimmermans
 
 

Island Drive house sells after four years

Posted On: 05-04-2013

By Darrell Hofheinz

Daily News Staff Writer

More than four years after an updated house at 674 Island Drive entered the market, investor and chain-restaurant entrepreneur Martin H. Sprock III has finally sold his Everglades Island property for a recorded $7.925 million.

Palm Beacher Carlota Hermann Holton, acting as trustee of the Holton Family Trust, bought the five-bedroom house, according to the deed recorded Wednesday by the Palm Beach County Clerk’s office.

With a home outside St. Louis, Holton, known as “Lotsie,” is a member of the Busch family of Anheuser-Busch brewing fame and a seventh-generation descendant of explorer William Clark of the Lewis and Clark expedition, according to published reports. She and her husband, Richard C. Holton, also have an apartment in Palm Beach.

Measuring about a third of an acre with 90 feet of waterfront, the property is on the east side of Everglades Island, about midway between the Island Road bridge and the island’s southern tip.

Built in 1957, the three-level house has 6,138 square feet of living space, inside and out, with a rear wall of French doors facing east toward a poolside patio and a dock installed in 2005. A second-floor veranda offers a similar view.

Agent Betsey Hall of Hall Real Estate had the listing, and Bradford P. Miller of the Corcoran Group was on the buyer’s side of the deal. Neither would comment about the sale, citing confidentiality agreements.

Sprock, who founded Moe’s Southwest Grill among other franchised restaurants, served as manager/member of 674 Island Drive LLC, the limited liability company that redeveloped the property for resale after buying the house for about $7.48 million in March 2008 at the height of the recession. Ernest “Ernie” Bourne and Benjamin E. Bourne of Palm Beach were other officials in the entity, state business records show.

Sprock took ownership of the house in his name in July 2010, according to property records, and the property has been leased over the past few years.

Ernie Bourne oversaw the major renovation through Bourne & Co., his construction-management firm, working with general contractor Greg Kuzniar. At that point, broker Christian Angle had the house listed for nearly $11 million through his eponymous agency; it had been marketed during the 2008-2009 winter season by agent Mary Boykin of Sotheby’s International Realty.

“When entering the front door, you can’t help but be amazed at the view,” Bourne said in an August 2009 article about the house in the Palm Beach Daily News. “Looking out to the pool, the dock and the open expanse of water – that sold us on the house.”

The home’s previous owners, Frank and Sarah Olson, already had made renovations at the property before selling it to the limited liability company, according to records in the Palm Beach Board of Realtors Multiple Listing Service.

Sprock still owns an eight-bedroom house at 211 Jungle Road that he bought for $7.25 million in 2008, property records show. MLS listings show that it’s for sale at $8.975 million — and for lease at $35,000 a month, furnished — through agent Gary Pohrer of K2 Realty. In 2009, Sprock and his wife, Leigh-Ann, sold a home they owned at 206 Seaspray Ave. for about $1.9 million, according to the deed of sale.

Carlota Holton is a retired real estate agent. Her husband is an insurance consultant who headed his own insurance company in St. Louis, where the couple has a home.

Her grandfather was the late August A. “Gussie” Busch Jr., who built Anheuser-Busch Cos. into the world’s largest brewery when he was chairman between 1946 and 1975. The Hermann side of her family is involved in leather production, packaging and real estate, according to articles in the St. Louis Dispatch.

The Holton Family Trust, with Carlota Holton again as trustee, owns a two-bedroom condominium in the Melbourne House at 227 Australian Ave., property records show. She bought it with her husband in 2000. The Holtons have another vacation home in Harbor Springs, Mich., public records show.

Sprock founded Atlanta-based Raving Brands, a company, now dissolved, that at one point in the last decade owned Planet Smoothie and casual restaurant chains including Shane’s Rib Shack, Mama Fu’s Asian House and Moe’s Southwest Grill. Moe’s sold in 2007.

During the past several years, Sprock has been involved in Chapter 7 bankruptcy proceedings and related lawsuits involving Raving Brands, according to published reports. He reportedly also has been involved in other franchise ventures, including SmartPhone MD, a cell-phone repair business based in Charlotte, N.C., where he has a home.

 

Source: Darrell Hofheinz, May 6, 2013, Palm Beach Daily News

http://www.palmbeachdailynews.com/news/news/national/island-drive-house-sells-after-four-years/nXgKr/

News Categories

Zimmerman Douglas Elliman

340 Royal Poinciana Way, Suite 318
Palm Beach, FL 33480

Jacqueline A. Zimmerman (561) 906-7153 Direct jz@PalmBeachProperty.com

Adam M. Zimmerman (561) 906-7152 Direct az@PalmBeachProperty.com

(561) 655-8600 Main Office

iPhone App
 
www.DistinctivePalmBeachProperties.com

The Definitive Source for Palm Beach Real Estate

Jacqueline A. Zimmerman(561) 906-7153pAdam M. Zimmerman(561) 906-7152pMain Office(561) 655-8600
Douglas Elliman, Licensed Real Estate Broker | 340 Royal Poinciana Way, Suite 318, Palm Beach, FL 33480


house

Equal Housing Opportunity

Privacy Policy | Terms & Conditions

Copyright © 2010. All Rights Reserved

No warranty or representation, express or implied is made as to the accuracy of the information contained herin, and same is submitted subject errors, omission, change of price rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.