Distinctive Palm Beach Properties

Quick Search


Beyond the Hedges: Jacobses sell one of their three North End homes

Posted On: 03-01-2013

By Darrell Hofheinz

Daily News Staff Writer

After acquiring Raymond Floyd’s Palm Beach house in a $21.21 million deal last fall, hedge-funder Joseph M. Jacobs and his wife, Michelle, have sold 259 Merrain Road for a recorded $4.712 million. The buyers of the North End house were securities executive Lee Fensterstock and his wife, Ann, according to the deed recorded earlier this month.

The sale leaves the Jacobses with two North End lakefront properties: the former Floyd house at 324 Plantation Road, bought through a revocable trust, and a six-bedroom house a few streets northward at 326 Via Linda, which they own through a limited liability company. Broker Christian Angle of Christian Angle Real Estate has reported that the latter is under contract, having listed it at $13.9 million in the island’s multiple listing service.

Angle also represented the Jacobses in the sale of their house on Merrain Road, which he first listed in October at $6.25 million. On an oversized lot measuring nearly four-tenths of an acre, the two-story West Indies-style house has five bedrooms, sophisticated interior finishes, limestone fireplaces, two loggias and 6,439 square feet of living space, inside and out, according to Angle’s sales listing. It was designed by architect Thomas M. Kirchoff.

Agent Heather Woolems Rogers of Sotheby’s International Realty acted on behalf of the Fensterstocks in the deal but said she couldn’t comment on the sale. But she knows the house well — it was built in 2001 by her parents, Jim and Eleanor Woolems, as their own residence. His construction-contracting company, Woolems Inc., has built dozens of high-end homes in Palm Beach and vicinity.

Lee Fensterstock, meanwhile, built his career in the securities industry and is the former CEO at New York City-based Marco Polo Capital Markets and the firm today known as Gleacher & Co.

The Fensterstocks had previously owned a house on the island at 160 Via Del Lago, which they sold in 2002, Palm Beach County property records show. They have not owned property in the county in their names since then.

Angle represented the buyer’s side of the deal for the Plantation Road property opposite Lawrence Moens of Lawrence A. Moens Associates. Neither broker would identify anyone behind the trust that bought Floyd’s house. But multiple sources confirm that the buyers were the Jacobses, who had admired the house and were planning to build something similar on their Via Linda property. Those plans changed when the Floyd house entered the market after the September death of the golf legend’s wife, Maria.

Joseph Jacobs co-founded and is president of Wexford Capital of Greenwich, Conn., a hedge-fund and private-equity firm.

Angle said he had no comment on the Merrain Road sale. Neither the Jacobses nor the Fensterstocks could be reached for comment.


Source: Darrell Hofheinz, March 1, 2013, Palm Beach Daily News



News Categories

Zimmerman Douglas Elliman

340 Royal Poinciana Way, Suite 318
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 318, Palm Beach, FL 33480


Equal Housing Opportunity

Privacy Policy | Terms & Conditions

Copyright © 2017. 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.