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Deed: Lakefront house sells for $7.8 million

Posted On: 05-12-2013

By Darrell Hofheinz

Daily News Real Estate Writer

New York businessman and Palm Beach real estate investor Steven L. Apple has added to his portfolio of island properties with a $7.8 million purchase of a four-bedroom lakefront house at 1120 N. Lake Way, according to the deed recorded earlier this month.

The 5,222-square-foot house had been owned for more than 30 years by Anna and Friedrich Willhelm Waffenschmidt of Bergisch Gladbach, Germany, who bought it in April 1982 for $1.45 million, property records show. The Palm Beach Regency-style house was built in 1976.

Hall Real Estate brokered the sale, with agent Betsey Hall acting for the seller and her son, broker Steve Hall, representing the buyer, according to the Palm Beach Board of Realtors Multiple Listing Service. Neither agent would comment on the sale.

Apple is the president of Apple Rubber Products, a manufacturer of o-rings, rubber seals and related products in Lancaster, N.Y.

Apple has owned property here since 1995, courthouse records show. His name currently is attached to five other Palm Beach properties, most owned by a revocable trust in his name, for which he acts as trustee.

Among them is a 5,848-square-foot house he bought in 2003 at 1575 N. Ocean Blvd., the address listed for him on the deed recorded May 3 for the North Lake Way property. He bought the house on North Lake Way solely in his name, the deed shows.

With a deep-water dock, the property measures nearly half an acre and has an elevation high enough to screen the house from pedestrians and bicyclists on the Lake Trail — a prime selling point, according to real estate observers. The property is wedge-shaped, with 110 feet of waterfront fronting the sea wall and 100 feet along the main lot east of the Lake Trail.

Betsey Hall had last priced the house at $8.495 million. Her sales listing described it as having “a wonderful floor plan for entertaining and family enjoyment. This lakefront estate is a fine example of authentic Palm Beach style.”

The sellers founded a German company named Saturn in the early 1960s and grew it into a major retailer of stereo systems. Saturn is today owned by another company and sells appliances and electronics in Germany and other European countries.

Among Apple’s other island properties are two North End houses at 260 Colonial Lane and 1570 N. Ocean Way and a condominium in the Lake Towers on Bradley Place. He also co-owns a condo in The Claridge on South Ocean Boulevard, property records show; that unit was once owned by his parents, Mary Wheeler Apple and the late Peter G. Apple.

None of Apple’s properties is on the market, according to a search late last week of the local MLS.

The Waffenschmidts and Apple could not be reached for comment.


Source: Darrell Hofheinz, May 12, 2013, Palm Beach Daily News


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