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North End spec house priced at nearly $5.5 million

Posted On: 11-07-2014

By Darrell Hofheinz Daily News Staff Writer

A four-bedroom house on the northern tip of the island at 119 E. Inlet Drive has marked a return to the island for real estate investor and developer Richard Cushing True.

True developed the 4,850-square-foot house on speculation, just as he had done with about a dozen other Palm Beach homes “until the meltdown,” as he put it. Like other developers, he took a hiatus during the recession years. His last project here also was on the North End, a 2008 home on Tangier Avenue.

The British West Indies-style house on Inlet Drive was built by Beacon Construction Co. and designed by Harold Smith, principal of Smith and Moore Architects. Landscaping is by Keith Williams of Nievera Williams Design.

Measuring about a quarter-acre, the property has private beach access. In 2012, True paid a recorded $1 million for the long-vacant lot, which had been listed for sale by Corcoran Group agent Jim McCann.

True has the house listed for sale at $5.495 million with Corcoran, where he has his real estate license. That’s also the agency where his late wife, Karen, worked before her death in 2008. The couple worked as a team, developing and selling homes.

The Inlet Drive house — one of only a few newly completed spec houses on the island — has already attracted interest from house-hunters since it earned its certificate of occupancy a month ago. True reports that traffic was steady at an open house two weeks ago.


Source: Darrell Hofheinz, November 7, 2014, Palm Beach Daily News

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