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Palm Beach homes: Frisbies sell Worth Avenue house for recorded $12.45 million

Posted On: 05-16-2019

Longtime Palm Beachers Suzanne and David Frisbie have parted with the custom home they built for themselves a little more than a decade ago facing the lagoon at the west end of Worth Avenue. The price recorded today with the deed was $12.45 million.

At 439 Worth Ave., the three-story, Venetian-style residence with a guesthouse is the only single-family property in the street’s lake block. With four bedrooms and 5,632 square feet of living space, inside and out, the house stands between two multi-family buildings. The lot measures about a sixth of an acre.

On the buyer’s side was attorney and estate-planning advisor Rebecca E. Renzas, who acted as trustee of The Worth Trust, the deed shows. The document lists Renza’s address as the law firm of Anderson Yazdi Hwang Minton + Horn LLP in Burlingame, California. Renzas and the trust are linked to no other property in Palm Beach County, according to an online search of courthouse records.

The Frisbies are principals of the Frisbie Group, a Palm Beach real estate development and investment firm. Suzanne Frisbie also is a real estate agent with Premier Estate Properties, and she listed the house for sale in late December. She initially set the price at under $15 million but it price had dropped to $13.439 million when the house sold. The couple had the 2008 house homesteaded in the latest county tax rolls.

Suzanne Frisbie has said she and her husband plan to move into one of the six second-floor condominiums their company is developing as part of a mixed-use project at 221 and 231 Royal Poinciana Way. That project — on the site of the old Testa’s Restaurant property — is supposed to be finished by the end of the year or early in 2020, according to the developers.

“We loved every moment of the last 11 years living here, and look very much forward to moving to the Mizner-inspired Via Flagler by The Breakers on Royal Poinciana Way this coming season,” Suzanne Frisbie said.

The deed shows the house was sold by David Frisbie as trustee of a realty trust named after the house’s address. He was “joined” on the deed by his wife.

The house the Frisbies just sold is one of five single-family houses on Worth Avenue, but the others are direct-lakefront properties on the opposite side of the street. Those include the famous Casa de Leoni, a landmarked Venetian-style house that abuts the seawall and was designed in the 1920s by noted society architect Addison Mizner.

Suzanne Frisbie said she and her husband wanted to complement Casa de Leoni with their own Mizner-style “Venetian mini-palazzo.”

The Frisbies bought the property for about $3.15 million in 2007 from a trust associated with the family of the late Josephine M. DeFina-Stetson, property records show. She and her late husband, architect John Stetson, had renovated an old carriage house there. The Frisbies razed and replaced that house, completing their home in 2008, property records show.

The former Frisbie house was designed by architect Roger Janssen of Dailey Janssen Architects and constructed by general contractor Tim Benitz of Benitz Building. The architecture features arched French doors that face the lagoon fronting the Everglades Club and its golf course. The second-floor master bedroom also overlooks the water.

Photos of the interior show marble and hardwood floors along with a winding staircase — with a decorative metal banister — that accesses all three floors. Amenities include an elevator, fireplaces, a formal dining room, built-in wine storage, a media room and a library that doubles as a den. At the rear of the house, an outdoor loggia near the pool connects the main residence to the guest house and its two-car garage, which faces Peruvian Avenue.

The Frisbies have developed and sold residential projects in Palm Beach for more than two decades. In April, their company sold two unfinished condominiums at the Via Flagler development for a combined $20 million to ownership entities associated with Dr. Stephen F. and Marcia G. Sullivan.

In October, the Frisbie family sold, for a recorded $28.63 million, a house developed by the Frisbie Group at 219 Indian Road on the inlet at the northern tip of Palm Beach. The house had been home to Kim Frisbie and her husband, Frisbie Group principal Robert Frisbie Jr., one of David Frisbie’s two brothers. The buyer was a land trust. The house was one of several the family developed and sold in the neighborhood.

Meanwhile, the Frisbies have broken ground on four luxury townhouses facing Midtown Beach at the site of the old Charley’s Crab restaurant. They are also developing on speculation an adjacent house at 101 Gulfstream Road.



Source: Darrell Hofheinz, May 16, 2019, Palm Beach Daily News

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