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Maddock, Bessemer sell Landmark Estates lakefront lot for $15 million

Posted On: 09-30-2010

By AUGUSTUS MAYHEW  

Special to the Daily News

Updated: 6:37 p.m. Wednesday, Sept. 29, 2010

Posted: 3:56 p.m. Wednesday, Sept. 29, 2010

 

A lakefront Landmark Estates lot has sold, in two parts to two buyers, for $15 million.

In two separate transactions, Paul L. Maddock Jr. and the Bessemer Trust Co., as co-trustees, and Maddock, along with several family members, sold the family’s Landmark Estates waterfront Lot 3, divided into two separate parcels, according to warranty deeds filed Tuesday.

For the southerly parcel of Lot 3, PB Dock LLC, a Florida company, paid $7.508 million; PB Waterway LLC, also a Florida company, paid $7.503 million for the north portion. Both companies are represented by accountant David Lifson, at Crowe Horwath LLP in New York, and Robert Brody, a West Palm Beach attorney.

The buyers were represented by Realtor Lawrence A. Moens, principal of Lawrence A. Moens Associates Inc.

“These were two separate sales by two separate buyers,” said Brody, who represented both buyers. He did not disclose the buyers’ identities.

“Technically, Lot 3 was sold as two separate parcels to facilitate the sale’s participants,” Maddock said. “Considering the recent contraction in the general market, we were happy to make the sale at this price level.”

The other Maddock family members listed as sellers in the second transaction were Sidney Bradford Maddock, Melinda Maddock Wilhelm, Mimi Maddock McMakin, Suzanne Maddock Sullivan, Margaret K. Maddock, Cecilia L. Kemble and Phoebe P. Kemble.

Adjacent to the deconsecrated Old Bethesda Church, Lot 3 contains 45,973 square feet, or 1.06 acres, and has approximately 180 feet of lake frontage, according to the plat filed in 2008.

In November 2008, Lot 3 — the site of Tree Tops, a former Maddock family estate — was reportedly on the market for as much as $26 million.

The sale is “bittersweet,” Maddock said, “considering how long this property has been associated with our family’s history in Palm Beach.”

Maddock said he is not aware of what the buyers plan to build on the property.

In April, Jeffrey and Frances Fisher bought Lot 4, the large vacant south corner parcel at Maddock Way and North Lake Way, for $6 million. It was the first lot sold of the vacant Landmark Estates parcels available.

The Maddock family subdivided the historic Duck’s Nest-Old Bethesda Church property into Landmark Estates in 2008.

Two vacant Landmark Estates parcels on the north side of Maddock Way remain on the market, priced at $5 million and $5.5 million, Maddock said. The larger of the two dry lots, Lot 6, is .62 acres.

The family retained Duck’s Nest, its 1891 historic homestead, and the deconsecrated Old Bethesda Church, home to interior designer Mimi Maddock McMakin.

“This sale shows that Palm Beach’s prime properties are in great demand,” said Moens, the buyers’ representative. “Location is still the key.”

 Source: Augustus Mayhew, September 29, 2010, Palm Beach Daily News

 http://www.palmbeachdailynews.com/news/maddock-bessemer-sell-landmark-estates-lakefront-lot-for-944818.html

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