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Nederlander house sells for $5.85 million

Posted On: 02-12-2015

By Darrell Hofheinz Daily News Staff Writer

Tony-award winning Broadway producer James L. Nederlander has sold, for a recorded $5.85 million, the North End house he bought in 2007 and shared with his wife, Margo, at 151 Seminole Ave.

It was bought by a trust in the name of Michael A. Sachs, for which Sachs served as trustee, according to last week’s deed. Agent Jim McCann of the Corcoran Group acted on behalf of the buyer.

Built in 1950, the Mediterranean-style house has 5,370 total square feet. The house had been renovated when the sellers bought it, but they carried out their own upgrades, said their broker, Linda Olsson of Linda R. Olsson Inc. Realtor.

She had handled both sides when Nederlander bought the house under his name. When she returned to list it in June, she asked just under $6 million — and it turned out to be a firm price.

We had several offers but waited for the right one,” Olsson said. “My client knew what the house was worth.”A few streets north of The Breakers’ golf course, the house occupies a lot measuring a little less than a third of an acre.

“It’s a beautiful house on the ocean block with five bedrooms, which is hard to find, and a first-floor master suite, which is even harder to find,” Olsson said. “The street is quiet and very private, but you still have the ability to walk to dinner and to The Breakers.

”From a famous family of theatrical producers, Nederlander is the son of Broadway producer James M. Nederlander and president of the Nederlander Organization in New York City.

He originally bought the house because of its location directly across the street from one owned at the time by his father and stepmother, Charlene Nederlander. The senior Nederlander and his wife ended up moving from that house and sold it several years later in 2011; today they own a lakefront house on South County Road.

Olson and her sellers, meanwhile, are house-hunting.

 

Source: Darrell Hofheinz, February 12, 2015, Palm Beach Daily News

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