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Townhouse on Sunset Avenue changes hands for $4.2 million

Posted On: 04-08-2016

Ohio real estate developer Gary L. Schottenstein and his wife, Terri, have sold the five-bedroom townhouse they had owned at 164 Sunset Ave. for more than 11 years. The residence fetched $4.2 million, according to the price recorded Monday with the deed.

The Schottensteins no longer need the 5,681-square-foot townhome, as they are just finishing up work on an expansive house they have built in the Estate Section at 270 El Bravo Way. The couple bought that 1.1-acre property in 2013 for a recorded $9 million.

The deed shows they sold the townhouse to the 164 Sunset Avenue Land Trust of Garden City, N.Y. Its trustee is accountant Anna M. Boutzalis, who has an office in the same town. Agent Crista Ryan of Tina Fanjul Associates represented the trust.

Listing agent Chris Deitz of The Fite Group had touted the townhouse’s upscale kitchen, built-in BBQ, whirlpool spa and new landscaping. Just east of the Royal Poinciana Way commercial district, the townhouse was developed by The Cury Group on Sunset Avenue’s ocean block, which offers beach access. The townhouse shares a wall with one other unit in development.

The Schottensteins paid $3.5 million for the townhouse in late 2004, records show.

Gary Schottenstein heads Schottenstein Real Estate Group of Columbus. The Schottenstein family made headlines last month when one of their companies paid $12.15 million for an outdated waterfront house at 520 Island Drive on Everglades Island. The family plans to replace it with an elaborate home to be developed on speculation.

Deitz orchestrated the Everglades Island deal and acted on the Schottensteins’ behalf when they bought the El Bravo Way property, which had been listed by agents Paulette Koch and Dana Koch of the Corcoran Group.

 

 

 

Source: Darrell Hofheinz, April 8, 2016, Palm Beach Daily News

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