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Beyond the Hedges: PB agency assists in $21.17 million sale in Seminole Landing

Posted On: 09-28-2012

By Darrell Hofheinz

Daily News Real Estate Writer

Agents at K2 Realty’s offices in Palm Beach and North Palm Beach teamed to close a whopper of an oceanfront sale last week in Seminole Landing, the upscale gated community near North Palm Beach.

The seven-bedroom house at 12210 Banyan Road sold for $21.17 million, according to the price recorded on the deed Sept. 19 by the Palm Beach County Clerk’s office.

K2 handled both sides of the sale. The deed listed the seller as the Seminole Beach Land Trust, for which Deborah Kriner, a property manager, served as successor trustee. The buyer was the East Seminole Landing Revocable Trust. Boca Raton attorney Stuart T. Kapp acted as its trustee.

Built in 1997 and presiding over more than 4 acres with 247 feet of ocean frontage, the Tuscan-style estate had been listed at $25.9 million. The amenities include a home theater, a wine room and a “VIP guest suite,” according to the sales listing.

Agency co-founders Paul Kaneb and James Kenny of the North Palm office joined agent Gary Pohrer of the firm’s island branch in putting together the deal.

“We all worked in tandem on the sale,” says Pohrer, adding that K2 listed the house in April.

Those involved wouldn’t identify by name anyone behind the two trusts. But Pohrer did say the buyer was a single man from the Northeast who had looked up and down the coast for a sizable oceanfront property away from traffic.

“One of the reasons he chose the property was that it’s hard to find four contiguous acres without a [busy] street in front of it,” Pohrer says.

The property was actually quite a bit larger until mid-2009. That’s when the owner sold a 2.71-acre parcel to the south for a recorded $10 million. K2 represented the buyer, Sea Acres Way LLC of Delaware, in that deal, while Simmons Waterfront Properties of Jupiter acted for the seller.

Seminole Landing, you might recall, made headlines last year after Elin Nordegren, Tiger Woods’ ex, paid a recorded $12.25 million through a trust for a 17,000-square-foot vintage estate home in a private deal facilitated by Illustrated Properties. Nordegren had the house at 12520 Seminole Beach Road bulldozed to make room for the new residence, now under construction.

In contrast, the buyer of the Banyan Road house has no such plans. He’ll make it his permanent residence, Pohrer says. And with more than 21,320 square feet of living space, inside and out, there’s plenty of room for someone to kick back in, whomever that might be.


Source: Darrell Hofheinz, September 28, 2012, Palm Beach Daily News


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