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Beyond the Hedges: Double unit in 400 Building goes for $4.5M

Posted On: 08-21-2014

By Darrell Hofheinz Daily News Staff Writer

For some Palm Beach home buyers and sellers, the desire for privacy is almost as strong as the demand for a water view.

So who exactly does what may not be as black and white as the ink on a deed.

Here’s a case in point, involving a sizable condo sale: A double-unit apartment with sea views in the 400 Building changed hands for a price recorded at $4.5 million earlier this month. But it’s unclear from courthouse records just who will be living in Unit No. 205.

And there’s also a question of who, exactly, owned it, although the seller does have ties abroad.

The deed, recorded Aug. 4, shows that 400 South Ocean Palm Beach Investments LLC bought the apartment at 400 S. Ocean Blvd. That limited liability company was created in Delaware, where privacy is a lucrative business, so public records offer few details about it.

Broker Lawrence Moens of Lawrence A. Moens Associates, who brought the buyer, confirmed only that a family bought it furnished. Listing agent Linda Olsson of Linda R. Olsson Inc., Realtor, also is offering few details about her side of the sale.

The deed identifies the seller as a Florida entity named South Ocean LLC, which paid $1.7 million for the apartment in July 2003. When the ownership company was created earlier that year, business records show, it was managed by a lawyer in Geneva, Switzerland. But Boca Raton attorney Lawrence B. Steinberg has been the manager for the last decade, and he’s keeping mum about his clients.

Olsson had listed the unit, furnished, for nearly $5.5 million in late June. She also was the listing agent when the apartment sold 11 years ago, back when Carole Hogan of Brown Harris Stevens was on the other side of the sale.With 3,432 square feet of living space, inside and on its balconies, the condo comprises a couple of side-by-side units combined by a previous owner, bringing the number of bedrooms to four and bathrooms to five.

The seller contracted to have the apartment remodeled shortly after buying it, records show, and Olsson’s listing described it as “designer furnished and renovated to perfection.

”The closed listing in the Palm Beach Board of Realtors Multiple Listing Service shows a final price of $4.9 million. That’s higher than the one recorded at the courthouse, likely reflecting the sale of the furnishings.

 

Source: Darrell Hofheinz, August 21, 2014, Palm Beach Daily News

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