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North End seaside vacation home brings $7.5M

Posted On: 06-08-2014

By Darrell Hofheinz Daily News Real Estate Writer

After spending more than a year on the market, a five-bedroom seaside house at 1332 N. Ocean Blvd. has changed hands for a recorded $7.475 million, according to the deed recorded Thursday.

Georgia-based farm equipment dealer Mark Easterwood sold the North End house he had owned for nearly a decade to the Avery PB Realty Trust.

Built in 1996 by Euro Homes, the Italian Mediterranean-style house has 6,173 square feet of living space, inside and out. Most of the main rooms view the sea and a deeded beach parcel across Ocean Boulevard. In all, the property measures about a third of an acre at the corner of Ocean Terrace, about a mile north of the Palm Beach Country Club.

Easterwood bought the house for about $6.69 million in 2005 from two New York-based entities linked to real estate investors Arthur Minerof and Lawrence Genco, according to property records. Agent Lore Smith of Sotheby’s International Realty, who handled both sides of that deal, had listed the house for Easterwood in March 2013, first at about $8.5 million and later at $7.95 million.

Agent Grace Brown of the Corcoran Group represented the buyer.

The deed lists Vickie Giardina as trustee of the Avery PB Realty Trust. Giardina has acted as trustee for similarly named realty trusts in the purchase of property in Boston and Nantucket, Mass., property records show. Records also link her to other addresses in Palm Beach. No further information was immediately available about the PB Realty Trust.

The house was built for cable-television and communications magnate John Scarpa, who sold it in 2004 to the two entities that owned it before Easterwood.

Among its amenities, the two-story house has an updated kitchen, two master bedrooms and, on the front lawn, an extensive outdoor loggia facing a pool, a fountain and the sea beyond.

Mark Easterwood, who is married, used the North Ocean Boulevard house on visits here. Smith had advertised it for lease over the past several years, according to records in the local multiple listing service.

Easterwood owns Rhinehart Equipment Co., a 65-year-old retail operation that serves Rome, Ga., and surrounding areas with sales of farm equipment and supplies. Easterwood and his brother, Scott Easterwood, have partnered in similar businesses in other parts of Georgia, including Atlanta, according to press reports.

Mark Eastwood’s address on the deed was listed as a post-office box in Rome.

Smith and Brown declined to discuss her client or specifics of the sale, and Mark Easterwood and Giardina could not be reached.

 

Source: Darrell Hofheinz, June 8, 2014, Palm Beach Daily News

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