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Beyond the Hedges: Boston Celtics part owner nets spot at Biltmore

Posted On: 03-29-2012

By Darrell Hofheinz 

Updated: 7:59 p.m. Thursday, March 29, 2012

Posted: 3:33 p.m. Thursday, March 29, 2012



Boston Celtics fans in the Palm Beach Biltmore might want to make friends with one of their new neighbors on the 11th floor. As a founding investor read: “part owner” of the team, Stephen R. Lewinstein can probably get his friends choice tickets to watch the Celtics play basketball anytime he wants.

Lewinstein just paid a recorded $2.5 million for one of the Biltmore’s prime condominiums — No. 1101, the two-story north tower suite, which offers three bedrooms and a private terrace with dramatic views stretching from the ocean to the lake.

The apartment in the 1926 hotel-turned-condominium had been listed at just under $3.5 million by agent Thor M. Brown of Fite Shavell & 

Lewinstein, who also owns a residence in Newport, R.I., is married, but the warranty deed recorded last week by the Palm Beach County clerk records him as the sole owner. Property records show that he and his wife, Diana, do not own any other property in Palm Beach under their names.

In addition to serving on the Celtics’ board of directors, Lewinstein owns Stephen R. Lewinstein Associates, a New England real estate development-and-management firm.

He was represented in the Biltmore deal by a firm named Level 9 Realty, according to Brown.

Selling the apartment, meanwhile, were John P. and Shirley K. Urbon, who bought it in July 2005 for about $1.8 million, property records show.

During the two years after they bought it, the Urbons signed four mortgages with lenders totaling about $5.3 million, although it’s unclear from property records how much of that amount they have repaid. None of the mortgages was recorded in court records as having been “satisfied.”

Brown would not confirm, however, whether the deal was a so-called short sale, in which a mortgage lender agrees to accept an amount less than what it is owed.

The Urbons did not want to comment on the sale, and a message left at a phone number associated with Level 9 Realty in Palm Beach County went unreturned.


Source: Darrell Hofheinz, March 29, 2012, Palm Beach Daily News



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