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Estate Section house fetches $8.13 million

Posted On: 10-09-2014

By Darrell Hofheinz Daily News Real Estate Writer

Businessman and chain-restaurant entrepreneur H. Martin Sprock III has sold the last of his Palm Beach homes, an eight-bedroom house at 211 Jungle Road that changed hands for a recorded $8.125 million.

An entity named 211 Jungle Road LKE LLC bought the Estate Section house, which has been used as an investment property and is leased for the coming season. The buyer was represented by agent Tina Roberts of Sotheby’s International Realty, who could not be reached for comment.

No further information about the buyer was immediately available because of privacy laws in Delaware, where the limited liability company is registered. But the sale is likely another in a string of purchases linked to Palm Beach real estate investor Barbara Stovall and Randall Smith, her hedge-funder husband, according to sources with knowledge of the property.

Agent Gary Pohrer of K2 Realty had listed the Georgian Colonial-style house — built in 1930 and designed by builder Clarence Mack — at about $8.5 million. The property includes a one-bedroom guesthouse, which was built in 1987 and faces the pool.

Pohrer had the listing since early 2012, according to the local multiple listing service. The property had been on the market, however, since 2009, when it was marketed by another agency at $10.5 million.

Pohrer declined to provide specifics about the sale or the parties involved, other than to say the deal closed quickly.

“It went from pending to closed in seven days,” he said.

Sprock and his wife, Leigh-Ann Sprock, have a home in Charlotte, N.C. The couple had no comment about the sale, Pohrer said.

Since mid-2013, Roberts has handled the buyer’s side of at least 11 other Palm Beach real estate deals — totaling more than $35 million — in which limited liability companies linked to the Smiths bought investment-and-rental properties. The Smiths and their agent could not be reached for comment this week.

Roberts, who also is known as Christine Gibbons, has active rental listings for at least three of those properties, and others already have tenants, according to recent MLS searches.

On the market for years

The Jungle Road deed was recorded Friday by the Palm Beach County Clerk’s office.

The house and guesthouse have 6,637 square feet of living space, inside and out, and occupy a lot measuring nearly an acre fronting South County Road, four streets south of the Everglades Club.

Martin Sprock paid $7.25 million for the property in May 2008, about six months before the real estate slowdown hit Palm Beach. He was represented at the time by Paul Kaneb of K2 Realty. Agent Rosalind Clarke of the Corcoran Group had co-listed the house with agents Sylvia James and Pat McInerney, who were then with Brown Harris Stevens and are today at Fite Shavell & Associates.

In addition to being listed for sale, the house had been offered for rent for several years. A leasing contract was signed in June for the winter season at $42,000 a month, with agent Kristina Anderson McPherson of the Corcoran Group representing the unidentified tenant opposite Pohrer, according to MLS records. The sale has not affected the lease, McPherson said.

Sprock founded Atlanta-based Raving Brands, a company, now apparently dissolved, that at one point in the last decade owned Planet Smoothie and casual restaurant chains including Moe’s Southwest Grill, which sold in 2007.

Over the past several years, Sprock was involved in lawsuits and Chapter 7 bankruptcy proceedings related to Raving Brands, according to published reports. He has been involved in other franchise ventures, including SmartPhone MD, a cell-phone repair business and 3rd Home, a vacation-rental network. His wife, meanwhile, co-owns LeighDeux, a home-furnishings business in Rock Hill, S.C.

Barbara Smith is associated with Smith Management LLC, the parent company of her husband’s investments firm, Alden Global Capital.Both are based in New York City.

Other sales

The Sprock family has sold two other Palm Beach homes in the past five years. In May 2013, Martin Sprock parted with a five-bedroom house he helped redevelop at 674 Island Drive on Everglades Island for a recorded $7.925 million to a family trust linked to Carlota “Lotsie” Hermann Holton. Agent Betsey Hall of Hall Real Estate represented Sprock opposite agents Pam and Brad Miller of the Corcoran Group. The house had been on the market for four years.

In 2009, Sprock and his wife sold another home at 206 Seaspray Ave. for about $1.9 million, according property records; they had owned it since 2003. The Corcoran Group handled both sides of that sale, with Grace Brown of the Corcoran Group acting for the Sprocks, and Paulette Koch and Dana Koch acting for the buyer.

The Seaspray house was later purchased by one of the Smiths’ entities, L. Jakes LLC. Roberts acted for the buyer, with the Koches on the seller’s side in that June 2013 deal.

 

Source: Darrell Hofheinz, October 9, 2014, Palm Beach Daily News

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