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Lakefront ‘spec’ home sells for $31.4 million

Posted On: 12-21-2015

By Darrell Hofheinz

Daily News Staff Writer

Developed on speculation, a never-lived-in lakefront estate at 390 N. Lake Way has changed hands for more than $30 million — one of the few new homes in its price range to hit the market this year. The price recorded with the deed today was $31.4 million.

Developed on speculation by Palm Beacher Pat Carney, the five-bedroom, modified-Georgian-style house entered the local multiple listing service in late April, priced at $37.9 million.

The buyer’s identity was not immediately available from the preliminary information recorded on the Palm Beach County Clerk’s website.

Corcoran Group agent Jim McCann was the listing agent in the deal, and broker Steve Hall of Hall Real Estate represented the buyer.

Boca Raton-based Mark Timothy Inc. built the 12,655-square-foot residence, which stands off Sanford Avenue, about a half-mile north of Royal Poinciana Way.

The lot measures a little less than three-quarters of an acre with 130 feet of lakefront and deep-water dockage. The higher-than-average elevation delivers water views from four of the five bedrooms, McCann has said previously.

The amenity list includes first- and second-floor master suites, an open floor plan, high-end finishes with a contemporary feel, a full-house generator and impact-resistant windows. The interiors were decorated by Marc-Michaels Interior Design of Winter Park.

The house replaced one built in 1938 and sold privately in late 2012 for $9.2 million by E. John Rosenwald Jr., who retired as vice chairman of the old Bear Stearns Cos., and his wife, Patricia. Broker Lawrence Moens of Lawrence A. Moens Associates represented the sellers in that deal, with McCann acting for Carney, who bought the property using a limited liability company named after the property’s address.

Carney is also developing a new oceanfront spec house underway at 1695 N. Ocean Way, several lots south of the inlet. Woolems Inc. is the contractor for that project.




Source: Darrell Hofheinz, December 21, 2015, Palm Beach Daily News

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