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Lakefront house marketed as tear-down sells for $15.66 million

Posted On: 08-01-2015

By Darrell Hofheinz Daily News Real Estate Writer

Marketed by the Corcoran Group solely for the value of its land, a 1960s-era house at 430 N. Lake Way has changed hands for $15.66 million, according to a deed recorded Friday.

The property — measuring three-quarters of an acre with 115 feet of waterfront — lies a little less than a mile south of the Palm Beach Country Club.

The house was sold by a family trust in the name of Ann A. Mergens, who died in December. She was the widow of George W. Mergens, who had co-owned WPEC-TV in West Palm Beach with his longtime business partner, Palm Beacher Alexander W. Dreyfoos. George Mergens died in 1986.

Corcoran agent Jim McCann had listed the property for sale in late February at $17.5 million. He declined to comment, citing a confidentiality agreement.

The deed listed the buyer as PAJ MAN LLC, a Florida limited liability company with an address in care of attorney Maura Ziska’s West Palm Beach office. She also is listed as the company’s manager in state business records.

Agents Paulette Koch and Dana Koch of the Corcoran Group represented the buyer’s side of the deal. They also declined to provide specifics about the transaction, and no other information about the buyer was immediately available.

But Dana Koch acknowledged that the property constituted a rare find in Palm Beach’s tight housing market, where sizable lakefront lots are in demand.

“It’s a spectacular property in a great location. It’s at a nice, high elevation above the Lake Trail. You obviously don’t get that in every property,” he said. “They don’t come along often in this market.

”The house has 7,635 square feet of living space, inside and out, according to property records. McCann told the Daily News last month that he expected a buyer would tear down the house and replace it.

The Mergens’ children — Paul Mergens and Mary Mergens-Loughran — acted individually and as co-trustees of the trust that sold the property. The family has ties to New England.

George and Ann Mergens bought the house in January 1976, although the price they paid is not clear from property records. They had owned property previously in town.

George Mergens and Dreyfoos bought WPEC-TV in 1971. Prior to that, the two men had founded a photographic technology company, Photo Electronics Corp., which won an Academy Award for one of its inventions.

 

Source: Darrell Hofheinz, August 1, 2015, Palm Beach Daily News

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