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Last of Casa Apava lakefront lots sells for $11.5 million

Posted On: 10-26-2014

By Darrell Hofheinz Daily News Real Estate Writer

Companies linked to luxury homebuilder Mark Pulte have now bought two of Casa Apava’s vacant lakefront lots from sellers Dwight C. and Martha Schar, a deed recorded last week confirms.

The $11.52 million private sale of the northernmost lot leaves the Schars with only the oceanfront section of their historic estate — a 6-acre parcel home to landmarked Casa Apava. The estate is in the 1300 block of South Ocean Boulevard on Billionaires Row.

Since mid-July, the Schars have sold three lots totaling about 3.5 acres for a combined price scraping $45 million. In all, the lots have just under 600 feet of lake frontage.

The Schars sold the first lot in July for $20 million to a company said to be linked to Las Vegas developer Steve Wynn. It measures about 1.47 acres and includes a historic boathouse. The middle lot — smaller than the first – sold to Pulte’s company in September for $13.44 million.

The lot that just sold is the northernmost and measures about an acre with about 184 feet of waterfront.

Broker Lawrence Moens of Lawrence A. Moens orchestrated the trifecta of sales. He couldn’t be reached for comment about the properties, which lie about a half-mile south of Southern Boulevard. But the deals for all three came together within a week during the summer, and none of the properties had been for sale at the time, according to sources familiar with the transactions.

The Boca Raton address of Pulte’s firm, Mark Timothy Inc., is listed on Tuesday’s deed for Casa Apava Lot 2 LLC, the limited liability company that bought the last parcel.

Pulte’s firm often develops high-end houses on speculation without a buyer. Such homes are scarce and in demand on the island right now, because new construction projects ground to a halt during the recession.

Last week, the town approved a site plan for a spec house Pulte plans to build on the property his company just bought. With 15,810 square feet, the two-story single-family residence is planned to have a 150-foot long dock and boat lift.

On the middle lot, now known as 1340 S. Ocean Blvd., Pulte plans to build a 16,447-square-foot spec home. On Wednesday, the Architectural Commission deferred consideration of that modified Georgian-style house and its lakefront cabana, asking architect Benjamin Schreier of Affiniti Architects to revise the design.

The Schars set a price record when they bought the 11.4-acre, ocean-to-lake estate in separate deals handled by Moens in 2004 and 2005. All told, they paid seller Ron Perelman a recorded $85.6 million, plus a reported $6 million more for furnishings in Casa Apava, which was built in 1918.

The Schars paid $18.6 million for the southernmost lakefront lot – with its historic boathouse — in 2004, simultaneously paying $45 million for the oceanfront parcels in what became a record-setting deal.

They bought the other two lots on the lake in 2005, paying $10.9 million for the middle lot and $11.1 million for the northern one.

Last year, a company linked to the Schars bought another landmarked home at 550 S. Ocean Blvd. for a recorded $11.5 million. Dwight Schar is a home builder and real-estate developer whose conglomerate, NVR Inc., is based in Mclean, Va., where the couple also has a home.

Mark Timothy Inc. has at least two other Palm Beach residential projects in the works, both on the North End — a beachfront house at 6 Ocean Lane and a lakefront house nearing completion at 390 N. Lake Way.

With its Mediterranean-style architecture, Casa Apava was designed by architect Abram Garfield, son of President James Garfield, for Ohio congressman Chester Bolton and his wife, Frances Payne Bingham Bolton.

 

Source: Darrell Hofheinz, October 26, 2014, Palm Beach Daily News

 

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