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Everglades Island house fetches $9.4 million

Posted On: 02-05-2013

By Darrell Hofheinz

Daily News Real Estate Writer

Bruce A. Beal and Francis V. Cunningham have traded up to a newer waterfront residence on Everglades Island from the landlocked home they own on the far North End.

The two men paid a recorded $9.4 million for the Mediterranean-style custom home at 569 Island Drive, built in 2009 by the late Sarah “Sallie” Asche and her late husband, Frederick B. “Tex” Asche Jr., according to the deed recorded Friday by the Palm Beach County Clerk’s office.

Sallie Asche died last March, five months after the death her businessman husband. The couple had divided their time between homes in Palm Beach and Dallas.

Designed by Smith & Moore Architects, the two-story house faces west and stands on a parcel with about 99 feet of waterfront, five lots north of the Island Road bridge to Palm Beach. The house has a little more than 7,100 square feet of living space, inside and out, along with four bedrooms, including the staff apartment’s. Among its outdoor amenities are a lakeside swimming pool and a loggia with wide views of the water and West Palm Beach.

Broker Christian Angle of Christian Angle Real Estate had listed the house last June for $10.25 million and reported it under contract Dec. 19 in the Palm Beach Board of Realtors Multiple Listing Service.

Agent Suzanne Frisbie of the Corcoran Group represented the buyers. Beal has a 78 percent interest in the property, while Cunningham owns the remaining 22 percent, according to the deed. The document lists Beal’s real estate development and management firm in Boston, The Beal Companies, as the address of both men, in care of Beal, who serves as partner and chairman of the 125-year-old family-owned firm.

Meanwhile, at the northern tip of the island, Frisbie has listed Beal and Cunningham’s Mediterranean-style house at 350 Indian Road, which is owned by a land trust for which they serve as trustees. Frisbie has set the price of $6.25 million for that six-bedroom house — built in 2006 — in the MLS. It measures about 8,660 “total” square feet.

In 2006, Beal had paid $6.268 million for the Indian Road house, which was built by builder-developer David W. Frisbie, Suzanne Frisbie’s husband.

The Asches bought the Island Drive property for $4.1 million in January 2003 and carried out renovations to an older house there before replacing it with their custom home, records show. The deed recorded Friday listed the seller as Texas Capital Bank, acting as successor trustee to a management trust bearing both of the Asches’ names.

After an early career spent in business and real estate development, Tex Asche focused his attention on overseeing investments made by Asche Family Interests of Houston, Internet sources show.

Beal and Cunningham have supported a number of charitable groups. The entry ramp at the Cultural Council of Palm Beach County’s new Lake Worth headquarters is named after them in recognition of a donation. Beal also sits on the organization’s board of directors.

Beal’s stepmother was longtime Palm Beach resident Jane Franklin Beal, who died in December 2011.

Beal and Cunningham could not be reached for comment. Angle and Suzanne Frisbie did not immediately return phone messages seeking comment.


Source: Darrell Hofheinz, February 5, 2013, Palm Beach Daily News


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