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Former CIA executive director Krongard buys house in Phipps Estate

Posted On: 05-02-2018

A former CIA executive director and his wife have paid a recorded $9.64 million for a recently renovated custom home in Phipps Estate, a subdivision in Palm Beach.

Alvin B. Krongard bought the house at 226 Via Las Brisas with his wife, Cheryl G. Krongard, according to the deed recorded Tuesday. Alvin Krongard served in the third highest-ranking job at the CIA from March 2001 until he resigned in the fall of 2004.

The property was sold by the estate of the late Lewis M. Schott, an attorney and venture capitalist who died in January 2017. Schott paid $1 million for the land in 1995, property records show, and built the house with his second wife, the late Mary Hilem Schott, after their marriage the previous year. She died in 2009.

The Mediterranean-style house occupies a lot of about three-quarters of an acre, immediately south of the entrance to Phipps Estate from North County Road on the near North End.

Known as Casa Banyan, the house was completed in 1996 with seven bedrooms, including an above-the-garage apartment with two bedrooms for guests or household staff. In all, the property has 12,834 square feet of living space, inside and on its poolside loggias and patios, property records show. The layout includes a first-floor master suite, en-suite guest bedrooms, a paneled library, a well-equipped kitchen and professional grade wine coolers. There’s also a poolside cabana.

Brown Harris Stevens handled both sides of the sale. Agent Maureen Woodward acted for the seller,while her colleague Polly Wulsin represented the buyer’s side.

Nash W. Schott and Arnold M. Toren signed the deed “individually” and as successor co-trustees of the entity — affiliated with Louis M. Schott — that sold the house.

Alvin Krongard, known as “Buzzy,” was appointed to his position at the CIA by then CIA-Director George Tenet in March 2001, during the first year of President George W. Bush’s administration. An attorney, Krongard accepted the position after serving as counselor to the director of central intelligence for three years. After he left the agency, he joined the global board of directors of DLA Piper, an international law firm.

Before he started work for the CIA, his career included positions as CEO and chariman of the investment banking firm Alex. Brown & Sons. He also had been vice chairman of Banker’s Trust.

Palm Beach has long been home to residents who have held senior positions at federal agencies. In 2017 former FBI director Louis Freeh bought a house on the island and recently opened a Palm Beach office of his investigations company, Freeh Group International Solutions.

In 2008, the late Gen. Alexander Haig, a former secretary of state, bought a house on the same street as the one where the Krongards’ house stands. The former Haig house changed hands for $8 million in 2017, sold by his estate of his late wife, Patricia.




Source: Darrell Hofheinz, May 2, 2018, Palm Beach Daily News

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