Distinctive Palm Beach Properties
 
 
Zimmermans
 

Quick Search

 
 

Oceanfront ‘spec’ mansion sells for $44 million

Posted On: 03-11-2016

By Darrell Hofheinz

Daily News Real Estate Writer

A new beachfront house built on speculation and on the market for just two months has changed hands for nearly $44 million at 1695 North Ocean Way.

Developed by Palm Beacher Pat Carney, the house was sold furnished. Jim McCann of the Corcoran Group listed it for sale Jan. 12 at $55 million.

The buyer was not identified in the preliminary information recorded today with the $43.7 million deed by the Palm Beach County Clerk’s office. Corcoran agent Suzanne Frisbie handled the buyer’s side of the deal.

The property is the third never-lived-in, furnished mansion developed by Carney to change hands within the past seven months. In all those sales totaled $101.45 million. The others were in Palm Beach on North Lake Way and in Manalapan on South Ocean Blvd, and all were listed by McCann. McCann declined to comment about today’s transaction, and Carney and Frisbie could not be reached.

The North Ocean Way sale likely represents the highest recorded price ever paid for a spec house in Palm Beach. It bests the $42 million that changed hands, according to courthouse records, when 1220 S. Ocean Blvd. sold in 2013.

On the far North End, the property measures more than 2.5 acres, including a federally protected beach parcel. The house faces 110 feet of beachfront.

The West Indies-style house has five bedrooms, and its free-standing guesthouse has another four. In all, the residence has about 24,000 square feet of living space, inside and out. It was built by Woolems Inc.

The amenity list includes first- and second-floor master suites, a game room, a media room, a gym, wine storage and a club room with a pub. The layout includes two pools — one on the east side of the property and the other on the west. There’s also a 12-car garage.

The house was designed by architect Carlos Martin of Margate and furnished by Marc-Michaels Interior Design of Winter Park.

Carney bought the property, which was vacant, for $9.52 million in August 2012 from the estate of the late money-manager Christopher H. Browne.

The distance between the property line at the beach and North Ocean Way measures 350 feet. In addition, the lot faces an expansive stretch of federally protected beach that extends another 620 feet eastward.

Other spec projects

In late December, a five-bedroom spec house that Carney developed on the Intracoastal Waterway at 390 N. Lake Way sold furnished for a recorded $31.4 million. Broker Steve Hall of Hall Real Estate acted on behalf of the buyer, a limited liability company linked to longtime Bain Capital/Private Equity executive Paul Edgerley and his wife, Sandra. It was the fourth most-expensive sale on the lakefront ever in Palm Beach, property records who.

And in September in Manalapan, an ocean-to-lake estate Carney developed at 800 S. Ocean Blvd. sold for $33 million to a Delaware limited liability company. The buyer behind that company was never identified.

In 2013, Carney also made headlines when California-based motivational speaker Tony Robbins paid $24.75 million for another Manalapan oceanfront house built by the developer at 750 S. Ocean Blvd.

The North Ocean Way property had been the longtime home of a landmarked 1937 ranch-style house attributed to architect John Volk. But in April 2004, Town Council voted to revoke its landmark status. Developer David W. Frisbie, Suzanne Frisbie’s husband, bought the property two months later and razed the house for redevelopment. But the Frisbie family ended up selling Browne the property before any house could be built there.

Carney’s North Ocean way house is the second ultra-high-end spec house to sell within the past month in Palm Beach. The other, facing the inlet at 225 Indian Road, sold while still in construction via a $32 million deed recorded Feb. 11. That house was developed by the Frisbie family and sold to a limited liability company named 225 Indian Road Holdings LLC. Suzanne Frisbie handled both sides of the sale.

McCann changed the MLS status of the North Ocean Way house to “pending” on Monday. It marked the second Palm Beach property priced above $50 million to go under contract within a week. The other is the estate that once belonged to the late John Kluge at 89 Middle Road. Owned by Columbia University, it has been priced at $59 million since 2011, co-listed by Carol Digges and Carole Hogan of Brown Harris Stevens and Paulette Koch and Dana Koch of the Corcoran Group.

McCann also was the listing agent when builder-developer Dan Swanson sold his spec mansion at 1220 S. Ocean Blvd. in June 2013 to a trust associated with financier Charles Johnson and his wife, Dr. Ann L. Johnson. Agent Stephen Ploof of Linda A. Gary Real Estate was on the buyer’s side of that deal.

 

 

Source: Darrell Hofheinz, March 11, 2016, Palm Beach Daily News

News Categories

Zimmerman Douglas Elliman

340 Royal Poinciana Way, Suite 318
Palm Beach, FL 33480

Jacqueline A. Zimmerman (561) 906-7153 Direct jz@PalmBeachProperty.com

Adam M. Zimmerman (561) 906-7152 Direct az@PalmBeachProperty.com

(561) 655-8600 Main Office

 
www.DistinctivePalmBeachProperties.com

The Definitive Source for Palm Beach Real Estate

Jacqueline A. Zimmerman(561) 906-7153pAdam M. Zimmerman(561) 906-7152pMain Office(561) 655-8600
Douglas Elliman, Licensed Real Estate Broker | 340 Royal Poinciana Way, Suite 318, Palm Beach, FL 33480


house

Equal Housing Opportunity

Privacy Policy | Terms & Conditions

Copyright © 2017. All Rights Reserved

No warranty or representation, express or implied is made as to the accuracy of the information contained herin, and same is submitted subject errors, omission, change of price rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.