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Meet the new neighbor: Howard Stern reportedly pays $52 million for Palm Beach home

Posted On: 05-16-2013

By Darrell Hofheinz

Daily News Staff Writer

America’s Got Talent judge and radio shock-talk personality Howard Stern is the likely buyer behind a $52 million private sale recorded Wednesday for an oceanfront house at 601 N. County Road. The property was sold by textile and apparel executive Martin Trust and his wife, Diane, according to sources familiar with the deal.

Stern, who hosts The Howard Stern Show on the Sirus Satellite Radio network, has reportedly been looking for a house in South Florida for weeks with his wife, Beth Ostrosky.

Stern, who has a home in New York City, where he produces his radio show, adds his name to the list of media celebrities with homes in Palm Beach. Those include conservative talk show host Rush Limbaugh, whose home is near the northern tip of the island, and conservative firebrand Ann Coulter.

The five-bedroom house on the North End of Palm Beach had not been listed for sale in the multiple listing services that serve the island. Broker Lawrence A. Moens of Lawrence A. Moens Associates confirmed that a transaction had occurred for the property and that he handled the deal. But he would say nothing else about the sale or anyone involved.

The sale marks the highest-dollar deal recorded this year in Palm Beach.

The deed listed the buyer as the 601 North County Road Revocable Trust, for which West Palm Beach attorney Ronald S. Kochman served as trustee. Kochman said he had no comment on the transaction. A representative for Stern could not be reached for comment Wednesday.

The Trusts, who have strong ties to New Hampshire, completed their custom-built Palm Beach home in 1992 on a lot measuring 3.25 acres, according to property records.

The property had a “total market value” of $40.8 million in the 2012 tax rolls — ranking it among the town’s highest-valued residential properties, according to the Palm Beach County Property Appraiser’s office. In 2011, for instance, the property was ranked No. 8 on the list, with a value then of $35.77 million.

The Trusts had bought the property in 1986 for about $4.58 million through a general partnership named Denmar Associates, records show.

Two buildings sit on the lot with a grand total of 39,094 square feet of living space, inside and out. The main house has 18,673 square feet of air-conditioned space, and the smaller structure has 1,196 square feet under air, records show.

Photographs show that house has an oceanfront swimming pool and that the property is extensively landscaped with formal gardens.

Martin Trust founded MAST Industries in 1970 and grew it into one of the largest international apparel producers in the world.In 2001, Trust founded Brandot International Ltd. in 2001 and serves as its president.

The Trusts could not be reached for comment.

 

Source: Darrell Hofheinz, May 16, 2013, Palm Beach Daily News

http://www.palmbeachdailynews.com/news/news/world/stern-reportedly-pays-52m-for-home/nXsHW/

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