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Beyond the Hedges: Gilbanes close two deals within days of each other

Posted On: 05-30-2013

By Darrell Hofheinz

Daily News Real Estate Writer

It’s a dream scenario: selling your old house within days of buying your new one. But that’s just what Mary O. and Thomas F. Gilbane Jr. did this month, when they parted with their North End home at 225 Sandpiper Drive and bought a larger house closer to Midtown at 206 Dunbar Road.

Mary Gilbane bought the six-bedroom house on Dunbar Road in her name for $5.5 million, according to the deed recorded May 7. She acquired the Mediterranean-style home from a revocable trust in the name of the late Jeanne Marie Jacques Ford, whose son, Rex J. Ford, acted as trustee.

Mary Gilbane had owned the five-bedroom house on Sandpiper Drive in her name since 2002. She sold it for about $3.7 million via a deed entered into courthouse records on May 17. The buyers were Vincent and Cathy Young, represented by agent Anne Carmichael of Brown Harris Stevens.

Agent Crista Ryan of Tina Fajul Associates represented the Gilbanes in both transactions. Ryan had listed the Sandpiper Drive house — which stands on an over-sized lot north of the Palm Beach Country Club — for $3.9 million in early April. The house, which the Gilbanes expanded, today has 5,875 square feet of living space, inside and out.

With ties to Bedford, N.Y., the Youngs are new to Palm Beach. Vincent Young’s late parents, however, were Adam and Margaret Young, whose Worth Avenue apartment in the Kirkland House recently sold for a recorded $5.8 million in a deal handled on both sides by Carmichael. Vincent Young spent years as head of Young Broadcasting, a television and media company founded by his father.

Corcoran Group agents Steve Davis and Alison Newton co-listed the Dunbar Road property and had last marketed it at just less than $6 million. The 7,279-square-foot custom home was built in 2003 for the Haisfield family. Jeanne Ford had acquired it for a recorded $6.8 million in 2006, a year before she died at age 79. Davis also was her real estate agent in that deal.

The Gilbanes also own a house in Newport, R.I. Thomas Gilbane is the chairman and CEO of Gilbane, his family construction and real estate development company in nearby Providence.

The family’s new Palm Beach home presides over a lot measuring not quite a half-acre, several blocks north of Royal Poinciana Way. Rex Ford told the Shiny Sheet in 2011 that his mother loved hosting large family gatherings there.

“What’s nice is that there are two dining rooms: the formal dining room, which seats 12 to 14 people, and the breakfast room, which can hold six to eight people,” Ford said then.

Ryan described the Dunbar Road house as “a great buy — a (newer) home on an ‘A’ street. And the house had a lot of nice architectural details.”


Source: Darrell Hofheinz, May 30, 2013, Palm Beach Daily News


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