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Lindemanns’ seaside house in Palm Beach fetches $25.2 million, MLS says

Posted On: 06-16-2017

Billionaire businessman and art collector George Lindemann and his wife, Frayda, have parted with their oceanfront Indonesian-themed house at 1565 North Ocean Way for $25.2 million, according to an updated listing today in the Palm Beach Board of Realtors Multiple Listing Service.

The couple had paid $23.5 million for the property in 2008 — three months before the Great Recession hit Palm Beach — and then carried out an extensive renovation.

The buyer’s identity was not immediately available.

The Lindemanns bought the property a few months after selling their South End custom home on the ocean at 60 Blossom Way for $68.5 million, courthouse records show.

The living room’s wood-framed glass doors capture views of the sea at 1565 N. Ocean Way. Photo by Andy Frame, courtesy photo

The living room’s wood-framed glass doors capture views of the sea at 1565 N. Ocean Way. Photo by Andy Frame, courtesy ... Read More

Built in 1937 but substantially renovated, the red-brick house and guesthouse on North Ocean Way have a total of seven bedrooms and 10,811 square feet of living space, inside and out. The 3.4-acre property includes a federally protected beach parcel beyond the dune line.

“It has 170 feet of water frontage, which for the North End is really quite large. It’s a beautiful house and property,” Sotheby’s International Realty listing agent Cristina Condon told the Daily News in May 2016.

Corcoran Group agent Suzanne Frisbie handled the buyer’s side of the sale.

“It’s remarkable and rare direct oceanfront. Very few (properties) have such deep dunes,” said Frisbie, who declined to comment further and also declined comment on behalf of her buyer.

The Lindemanns declined comment.

Condon, who also wouldn’t discuss the sale, listed the property in April 2016 at $32 million, and the price never wavered.

They then commissioned architect and interior designer Peter Marino of New York City to carry out an extensive renovation of the house on North Ocean Way with Indonesian-inspired interiors to showcase the couple’s extensive collection of Southeast Asian art. Marino had taken a similar approach to the Balinese-style custom home he designed for them on Blossom Way, which was completed in 2000, three years after they bought the property.

Noted society architect Marion Sims Wyeth designed the North Ocean Way house in the late 1930s in a Bahamian Colonial style that Marino transformed with his contemporary reinterpretation of South Pacific décor.

The main living area has dark-beamed peaked ceilings, dark-stained wood floors and a wall of wood-framed glass doors that capture ocean views across a broad lawn leading down to the beachfront dunes.

At the rear of the house at 1565 N. Ocean Way, a fence separates the manicured lawn from the dune beyond. photo

At the rear of the house at 1565 N. Ocean Way, a fence separates the manicured lawn from the dune beyond. ... Read More

The floor plan concentrates most of the living space on the ground level, including the master suite. Interior features include fireplaces, a formal dining room, an eat-in kitchen and a den, according to Condon’s listing. There also are pecky-cypress planked ceilings and dark-tile floors.

The property has a gated front entry, a service entrance and a heated pool. A tennis court was removed during the Lindemann’s renovations.

Forbes.com estimates that George Lindemann and his family have a net worth of $3.2 billion. The native New Yorker has been involved in a variety of businesses. In 2012, he sold Southern Union, a natural gas company, to Energy Transfer Equity for $5.7 billion in stock, according to Forbes. He also founded Metro Mobile, a cellphone company he sold for $2.5 billion to Bell Atlantic in 1991.

The Lindemanns bought the house — sometimes referred to as Casa del Corazon, its original name — from the Carney family trust, whose principal, Patrick Carney, is a real estate investor and chairman emeritus of Claremont Cos.

Carney knows the neighborhood well. In March 2016, he sold for $43.7 million a furnished, never-lived-in house he developed on speculation on a smaller lot at 1695 N. Ocean Way, immediately north of the house that just changed hands. The Corcoran Group handled both sides of that sale, with Frisbie representing the buyer opposite listing agent Jim McCann.

The North Ocean Way house also is the second beachfront property in the immediate neighborhood that Condon sold this year. In February, she was the listing agent in a $49 deal for a new spec house at 101 Indian Road, two lots north of the former Lindemann house. Broker Christian Angle of Christian Angle Real Estate represented the buyer in that sale, which set a Palm Beach spec-house price record.

The 27,000-square-foot house the Lindemanns built and sold on Blossom Way changed hands in April for $77 million. Facing 320 feet of beachfront, it was sold by a limited liability company linked to Venezuelan banker and polo patron Victor Vargas, who nine years ago bought the house from the Lindemanns. The new owner is billionaire investor Frank McCourt.

 

 

Source: Darrell Hofheinz, June 16, 2017, Palm Beach Daily News

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