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Beyond the Hedges: North End house sells for more than $3 million

Posted On: 05-30-2012

By Darrell Hofheinz 

Updated: 5:16 p.m. Thursday, May 31, 2012

Posted: 2:56 p.m. Wednesday, May 30, 2012


Palm Beacher William B. Finneran who in 2007 paid a recorded $17 million for an oceanfront estate on Via Los Incas bought a house this month at 210 Eden Road for $3.1 million. That’s according to the deed recorded May 11 by the Palm Beach County Clerk’s office.

Finneran’s real estate agent, Gary Pohrer of K2 Realty’s Palm Beach office, wouldn’t say how Finneran plans to use the Eden Road house, citing a confidentiality agreement with his client.

Broker Shirley Wyner of Barclays International Realty had set the price of the four-bedroom house at $3.495 million when she acquired the listing in September. The deed lists the seller as Helen L. Appel with an address on Park Avenue in New York City.

Designed by architect Randall Stofft and built in 1995, the house stands five streets north of the Palm Beach Country Club. Its features include a circular driveway lined with eight queen palms, deeded beach access and an outdoor entertaining area with a summer kitchen.

Finneran has an extensive background in investment banking and securities, and is a founding partner at EXOP Capital LLC in New York City. He also is chairman and CEO of Edison Control Corp, a director of the Palm Beach Civic Association and a trustee of Villanova University, his alma mater.

Five years ago, Finneran bought 5 Via Los Incas, which had been jointly owned by several entities, including at least one associated with New York-based real estate investors Arthur Minerof and Lawrence Genco.

In 2005, Minerof and Ginco were involved not only in the purchase of 5 Via Los Incas but also of the house next door at 6 Via Los Incas. They acquired the latter for $14.8 million at a court-ordered auction related to the bankruptcy of its then-owner, former WorldCom chairman John A. Porter.

The investors discussed the possibility of combining the two lots to achieve 250 feet of beachfront and developing an oceanfront “spec” mansion there, according to press reports. But those plans never materialized, and both lots were subsequently sold.

Finneran bought his house on Via Los Incas at the height of the real estate boom, and Milan Associates sold the house next door early last year for $17.05 million to Sean M. Healey in a deal put together by agent Lore Smith of Sotheby’s International Realty.


Source: Darrell Hofheinz, May 30, 2012, Palm Beach Daily News



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