Distinctive Palm Beach Properties

Quick Search


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

News Categories

Zimmerman Douglas Elliman

340 Royal Poinciana Way, Suite 302
Palm Beach, FL 33480

Jacqueline A. Zimmerman (561) 906-7153 Direct jz@PalmBeachProperty.com

Adam M. Zimmerman (561) 906-7152 Direct az@PalmBeachProperty.com

(561) 655-8600 Main Office


The Definitive Source for Palm Beach Real Estate

Jacqueline A. Zimmerman(561) 906-7153pAdam M. Zimmerman(561) 906-7152pMain Office(561) 655-8600
Douglas Elliman, Licensed Real Estate Broker | 340 Royal Poinciana Way, Suite 302, Palm Beach, FL 33480


Equal Housing Opportunity

Privacy Policy | Terms & Conditions

Copyright © 2019. All Rights Reserved

No warranty or representation, express or implied is made as to the accuracy of the information contained herin, and same is submitted subject errors, omission, change of price rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.