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Beyond the Hedges: North End Mediterranean fetches $4.2M

Posted On: 02-20-2015

By Darrell Hofheinz Daily News Staff Writer

It took a while, but Paul and Emeline Sprayregen’s house at 157 Everglade Ave. on the near North End has found new owners.

Wall Street lawyer James J. Clark and his wife, Katherine, of Greenwich, Conn. paid a recorded $4.2 million for the renovated six-bedroom house built in 1928 on the street’s ocean block. The Sprayregens paid $4.8 million for the Mediterranean-style house in December 2005 during the island’s real estate boom.

Brett Koeppel and Carole Koeppel of Sotheby’s International Realty had the property listed at $4.5 million in 2010, although the owners later pulled it from the market. The Koeppels listed it again in May 2013 for $5.3 million, and later dropped the asking to the price at which it sold.

Agent Dana Koch of the Corcoran Group acted on behalf of the Clarks, who landed the property under contract just before Thanksgiving; the sale closed Jan. 16.

The Sprayregens have moved to a waterfront house they bought in March 2013 in North Palm Beach; they were represented in that deal by Team Koeppel.

Paul Sprayregen is a real estate developer whose projects included the Flagler Yacht Club condominium in West Palm Beach. He and his wife bought the Everglade Avenue house already renovated but carried out their own improvements, including an update of the kitchen.

“We opened it up, which works for our kind of entertaining,” he told the Shiny Sheet in a 2010 article about the house, which has 5,551 total square feet and occupies a lot measuring about a quarter-acre.

The Clarks are new to Palm Beach and will be making their own improvements to the house, Koch said, declining further comment.

James Clark is a partner at the New York City law firm of Cahill Gordon Reindel, where he specializes helping investment banks and corporations structure capital-market deals.


Source: Darrell Hofheinz, February 20, 2015, Palm Beach Daily News

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