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Lakefront estate sells twice in three months, fetches $20.76M

Posted On: 09-23-2015

By Darrell Hofheinz

Daily News Real Estate Writer

Changing hands for the second time in three months, a lakefront estate at 240 Banyan Road sold last week for $20.76 million, generating an apparent profit of $3.36 million for the seller, a trust linked to venture capitalist David Wetherell and his wife, Elizabeth, courthouse records show.

The buyer in the off-market deal was a land trust named after the property’s address, according to the deed recorded Friday by the Palm Beach County Clerk. Palm Beach attorney M. Timothy Hanlon was listed as trustee but declined to comment. No other information about the buyer was immediately available.

In the Estate Section on a lot measuring three-quarters of an acre, the four-bedroom house and its two-bedroom garage apartment total 11,365 square feet of living space, inside and out.

The Wetherells have owned another house nearby on El Brillo Road since 2004, property records show.

The DEW Revocable Trust bought the modified Georgian-style house for $17.4 million via a deed recorded June 29. The initials in the trust’s name match those of David E. Wetherell.

The seller was a life estate affiliated with Mary Jo Condren, who had the property homesteaded in the county’s tax rolls. Her adult children also were involved in the sale.

Condren’s late husband, private investor William Condren, had paid $5 million for the house in 1995, four years after it was built. With a U-shape configuration, the residence is oriented toward the west to make the most of its Intracoastal Waterway views.

Agent Betsey Hall of Hall Real Estate confirmed she was on the buyer’s side of last week’s transaction but declined further comment. Broker Lawrence Moens of Lawrence A. Moens Associates, who represented the seller’s side, could not be reached. Moens also represented the trust when it bought the estate in June.

Agent Cristina Condon of Sotheby’s International Realty had the listing when the house sold earlier this summer. That sale coincided with a new $10.44 million mortgage on the property signed by Anastasios Parafestas, who is affiliated with a Boston real estate investment firm and acted as trustee of the Wetherell trust. The mortgage listed the trust’s address as 222 El Brillo Way, the Wetherells’ Estate Section house. That house hasn’t been listed for sale in the local multiple listing service since David Wetherell bought it in his name for $7.35 million.

Courthouse records don’t show the repayment status of that loan, which was issued by Wells Fargo Bank.

David Wetherell is managing partner of Biotech Capital, a venture-capital and private-equity firm with offices in Greenwich, Conn., San Francisco and Moscow, according to the company’s website.

 

 

Source: Darrell Hofheinz, September 23, 2015, Palm Beach Daily News

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