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Beyond the Hedges: Remaining Casa Apava lakefront under contract

Posted On: 09-11-2014

By Darrell Hofheinz Daily News Staff Writer

Two months ago, sellers Dwight C. and Martha Schar got $20 million for one of the three lakefront parcels on the west side of Casa Apava, their massive ocean-to-lake estate at 1300 S. Ocean Blvd. Las Vegas resort developer Steve Wynn is reputed to be the buyer.

Now it appears that the other two lakeside lots also will change hands. Both are under contract, real estate attorney Maura Ziska told the Town Council Wednesday during a development review meeting. But no sale is on tap for the beach side of the property, where landmarked Casa Apava stands about a half-mile south of Southern Boulevard.

Ziska spoke on behalf of Boca Raton-based luxury home builder Mark Pulte of Mark Timothy Inc., the in-the-wings buyer of the middle lot. She did not identify the buyer of the northernmost lot.

The Town Council approved Pulte’s site plan for Lot 3, measuring about 1.2 acres. His plan calls for a 16,447-square-foot house with a lakefront cabana. Pulte often develops high-end houses on speculation without a buyer.

Broker Lawrence Moens of Lawrence A. Moens Associates handled both sides of July’s off-the-market sale of the similarly sized Lot 4 and the boathouse there. On Wednesday, he confirmed he is the sole broker in the remaining lakefront sales but would not comment further. The Schars also are mum. Neither of the vacant properties is publicly listed for sale.

The Schars set a price record in 2004 and 2005 when they bought the 11.4-acre estate in separate deals handled by Moens. All told, they paid seller Ron Perelman a recorded $85.6 million, plus a reported $6 million more for furnishings in Casa Apava, which was built in 1918.

If the Schars do sell their oceanfront property, another landmarked home awaits them at 550 S. Ocean Blvd. A Schar-related entity bought that one last year for a recorded $11.5 million.

Pulte, meanwhile, has at least one other Palm Beach project in the works. In December, his company paid $12.08 million for vacant lots at 5 and 6 Ocean Lane. Moens handled both sides in those two North End sales.

 

Source: Darrell Hofheinz, September 11, 2014, Palm Beach Daily News

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