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Art dealer pays recorded $5.87 million for house

Posted On: 02-08-2013

By Darrell Hofheinz

Daily News Home & Loggia Editor

After canvassing the island for suitable properties, Palm Beach art dealer Mark Borghi has paid a recorded $5.87 million for a five-bedroom house built in 1969 at 1 Wells Circle on the near North End.

Borghi and his wife, Marisa — along with their three young children — will make it their primary home, now that they’ve sold their residence in New Jersey. The Worth Avenue location of Mark Borghi Fine Art opened in late 2011 to complement other locations in New York City and Bridgehampton, N.Y.

Broker Lawrence Moens of Lawrence A. Moens Associates, who handled both sides of the deal, actually sold the house before he had a chance to list it in the local multiple listings service with a $6.675 million price tag.

Mark Borghi said he and his family were attracted to the property because of its large expanse of land – measuring nearly seven-tenths of an acre. Their new home faces a cul-de-sac off Wells Road, a couple of lots east of North County Road.

The Borghis, who had been house-hunting since last spring, are planning improvements to the two-story house, which has a little more than 6,000 square feet of living space, inside and out, Borghi said. But he isn’t ruling out building something new on the lot in the future.

“Everyone says it’s a tear-down, but I don’t see it that way,” he says. “We’re moving in.”

The deed recorded Jan. 30 lists the seller as the 141 Wells Road Land Trust, with West Palm Beach attorney Paul A. Krasker acting individually and as trustee. Krasker and Moens would not comment on the identity of anyone else associated with the trust, which bought the property for about $5.78 million in 2006, according to the Palm Beach County Clerk’s office.

Mark Borghi is an expert in American post-war art, with a specialty in the New York School as well as European modern and contemporary works.

 

Source: Darrell Hofheinz, February 8, 2013, Palm Beach Daily News

http://www.palmbeachdailynews.com/news/lifestyles/home/art-dealer-pays-recorded-587m-for-house/nWJh8/

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