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North End compound brings nearly $7 million

Posted On: 08-10-2014

By Darrell Hofheinz Daily News Real Estate Writer

A Chicago-area real estate investment banker is behind two entities that have paid nearly $7 million for a North End compound, the longtime home of art collector Betty G. Marcus and her late husband, Robert J. Marcus.

Public records link Stephen J. Livaditis to two limited-liability companies that bought Marcus’ three adjacent properties totaling nearly an acre. Her four-bedroom house at 208 Sandpiper Drive and a vacant lot next door sold in one transaction for a recorded $3.85 million. Another four-bedroom house immediately south at 217 Tradewind Drive, which she used for entertaining, changed hands via another deed recorded at $3 million.

Arranged in an L shape, the properties lie west of North Ocean Boulevard and a few streets north of the Palm Beach Country Club.

Betty Marcus, who has moved to Jupiter, had lived in the house on Sandpiper Drive since she and her husband bought it in 1977 through a general partnership, Axmar Investment Co. Property records don’t show how much the Marcuses paid for the Palm Beach Regency-style house, which has 3,996 total square feet. It was built in 1972 by builder by Robert Gottfried. The Marcuses later acquired the other two properties.

Marcus sold the compound privately in two deals handled on both sides by the Corcoran Group; the deed for the properties on Sandpiper recorded on Aug. 1 and the other on May 23. Marcus signed the deeds on behalf of two limited-liability companies under her control.

Each of the three parcels measures about a third of an acre.

Lot already listedCorcoran agents Brad and Pam Miller acted for Marcus in both sales opposite agent John Porter.

Porter declined to comment about the transactions or anyone involved on his side of the deal. He also wouldn’t say whether either house would be put up for sale.

Porter last week listed the vacant lot for sale at about $2.595 million in the local multiple listing service. The Marcuses bought that property in 1980 for a price indicated on the deed as $130,000. They used the lot as a side lawn and sculpture garden to connect their two houses.

The couple paid $800,000 for the Bermuda-style house on Tradewind Drive in 2000, the year before Robert J. Marcus died. Built in 1975, it has 3,091 total square feet.

Betty Marcus declined to comment about the sales, and the Millers also wouldn’t discuss specifics. But Pam Miller did say the two houses could easily be updated rather than demolished to make way for new custom homes.

“They both have great floor plans and high ceilings. The scale of the rooms is phenomenal,” she said.

Although the properties weren’t on the market when they sold, the Millers had them listed in the MLS for six months in 2007 and 2008 for a combined $11 million. At the time, the Millers owned their own real estate agency.

In 2012, agents Eugene Platt and Donald Todorich of Illustrated Properties listed the compound for $9.9 million.

Chicago linksBuyer Livaditis’ is the manager of Florida-based 208 Sandpiper LLC, which bought the Sandpiper Drive properties. He and his wife, Anita, live in the affluent Chicago suburb of Winnetka, and the deed lists their home there as the address of the Florida company. Their Winnetka house is listed for sale at nearly $3.7 million, and the couple is said to be renovating another estate there. Reached by phone, the couple declined to comment.

Stephen Livaditis is senior managing director at the downtown Chicago office of New York City-based Eastdil Secured LLC. His office address is listed on the deed for Oxford Lane Capital LLC, the Delaware-based entity that bought 217 Tradewind Drive.

With ties to New York, Betty Marcus’ late husband was involved in a variety of business ventures and, like his wife, was an avid art collector.

Betty Marcus’ mother was the late Ziuta G. Akston, a longtime Palm Beacher who owned La Ronda, a prominent contemporary-style house designed by noted society architect John L. Volk at 444 N. Lake Way. Two decades before her death in 1994, Akston transferred ownership of the house to the same company that owned the house on Sandpiper Drive. Representing her mother’s estate, Betty Marcus sold the property in 2002, and the house was later demolished.


Source: Darrell Hofheinz, August 10, 2014, Palm Beach Daily News


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