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Two sales, one buyer for Chilean Avenue duplex

Posted On: 03-25-2015

By Darrell Hofheinz

Daily News Staff Writer
Former Palm Beach property owner Lorraine S. Charman has returned to the island, paying a combined $8.4 million for adjoining townhouses in a duplex on Chilean Avenue, according to two separate deeds recorded last week.

Charman and her husband, John, plan to create a single-family home by combining the lake-block townhouses at 425 and 431 Chilean Ave., she said. Charman’s husband is an English insurance entrepreneur with ties to Atlanta and Bermuda, where he is CEO of Endurance Specialty Insurance.

Lorraine Charman bought No. 425 for a recorded $4.5 million from a trust in the name of Mark S. Fowler, a former chairman of the Federal Communications Commission, according to the deed recorded March 18.

The day before, a $3.9 million deed recorded her purchase of the unit at No. 431 from retired insurance executive Irvin Saltzman. That slightly smaller unit shares a wall with the one next door.

In 2013, the Charmans sold, for a recorded $3 million, a South End penthouse they owned in the 2770 Building, property records show.

‘Nice-sized’ property

The Chilean Avenue property’s location met Charman’s house-hunting criteria because it was within three blocks of Worth Avenue.

“I saw that the two adjacent (townhouses) were for sale,” she said. “I had the idea that if it worked logistically, we could connect them and end up with a nice-sized in-town property that suits (our) personal needs and taste.”

On the east side of the duplex, No. 425 comprises 4,848 square feet of living space, inside and out; the western unit has 4,683 square feet.

Agent Jim McCann of the Corcoran Group acted on behalf of Charman in the sales.

The four-bedroom townhouse at 425 Chilean was listed at just under $5 million by agents Todd F. Peter and W. Ted Gossett of Sotheby’s International Realty. Fowler bought the unit new in 2002 for $2.7 million, when he was married to Rosemary Fowler.

Architect returns

Agent Trina M. Lane of Fite Shavell & Associates had the listing for No. 431, a three-bedroom unit sold by a trust in the name of arts patron Saltzman, who founded Penn-American Insurance Co. Saltzman paid $2.65 million for the townhouse in 2004 with his late wife, Barbara, who died in December 2012.

Saltzman said he liked the property and its location from the first time he saw it. He recalled Tuesday how he had been house-hunting nearby when he got a call from his wife. “She said she didn’t think I’d buy it but that I should come look at this townhouse,” he recalled. “I walked in the front door and my wife was there – and I said, ‘I’ll take it. No negotiation.’”

The Italian Mediterranean-style duplex was developed by brothers Howard and Stuart Wexelman of Boca Raton and completed in 2002. It was designed by Palm Beach architect Pat Segraves, who will be handling the Charmans’ renovation.

Each townhome has a private pool, two-car garage, elevator and generator. The duplex occupies a third of an acre near the Town Docks.

 

Source: Darrell Hofheinz, March 25, 2015, Palm Beach Daily News

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