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First in 2010: Oceanfront home on Inlet Drive sells for $8.5M

Posted On: 03-15-2010
First in 2010: Oceanfront home on Inlet Drive sells for $8.5M


Daily News Staff Writer

Friday, March 12, 2010


Photo Courtesy of Fite Shavell and Associates
(enlarge photo)
The home had been listed under a different agent for $12 million in July 2008. John and Ruth Littlechild bought the property for $2.95 million in March 2000.
 
Photo Courtesy of Fite Shavell and Associates
(enlarge photo)
With nearly a 17-foot elevation, the house has an extensive natural dune system between its backyard and the sea.
 

Palm Beach saw its first direct-oceanfront home sale of the year Friday with the closing of 131 E. Inlet Drive for $8.54 million, more than $1 million less than its listing price of $9.85 million, according to Fite Shavell & Associates, the local real estate agency that handled the transaction.

Realtor Thor M. Brown represented both the buyer and seller of the house at the northern tip of the island. He did not disclose their names, citing privacy agreements, but said a local married couple had bought the house.

The British Colonial-style home was owned by John and Ruth Littlechild, according to Palm Beach County property records, which show that the couple purchased the property for $2.95 million in March 2000. The four-bedroom, four-and-a-half-bathroom custom-built home was constructed in 2003, according to its sales listing in the Regional Multiple Listing Service.

"I had the listing for 90 days," said Brown, who added the property was the second oceanfront sale he'd been involved with in Palm Beach. The other was at 700 S. Ocean Blvd in May 2007, when Brown represented the buyer in a $10.8 million transaction.

With 5,940 square feet of living space inside and out, the Inlet Drive house had been represented previously by Sotheby's International Realty, where it had been offered for sale at different prices, including $12 million in July 2008.

With nearly a 17-foot elevation, the house has an extensive natural dune system between its backyard and the sea. Designed by architect Scott Granet, it stands four houses south of the Lake Worth Inlet.

"It's a unique piece of property," said Brown, who in December represented the buyer in the $4.77 million sale of 1191 N. Lake Way.

Source: Darrell Hofheinz, March 12, 2010, Palm Beach Daily News

http://www.palmbeachdailynews.com/biz/content/business/2010/03/12/InletDrive0313.html

 

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