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Palm Beach homes: Renters end up buying townhouse for $5.5 million

Posted On: 11-09-2018

A company linked to Palm Beach real estate investor Barbara Stovall Smith and her financier husband, Randall Smith, has sold a rental townhouse at 341 Hibiscus Ave. for a recorded $5.5 million, courthouse records show.

The buyers of 341 Hibiscus Avenue were Vanessa Y. and Roy E. Carroll II, who had leased the property and bought it after learning it would be sold, according to their real estate agent, Betsey Hall of Hall Real Estate. The deed for the off-market deal was recorded last month.

Ownership companies linked to the Smiths, who own a lakefront house in Palm Beach, bought more than a dozen investment properties in Palm Beach since 2013.

Sotheby’s International Realty agent Christine Gibbons, who also goes by the name Tina Roberts, has often acted on behalf of Smith-related companies in transactions, according to MLS listings. She previously had the Hibiscus Avenue townhouse for lease, according to MLS records. She, the Smiths and the Carrolls couldn’t be reached.

With four bedrooms 4,735 total square feet, the townhouse last changed hands in 2014 for a recorded $3.6 million, property records show. The townhouse is part of a duplex completed in 1997 about two blocks south of Royal Palm Way.

Roy Carroll heads The Carroll Cos., a North Carolina-based real estate development firm.

In June, a Smith-related company sold a five-bedroom house at 180 Canterbury Lane for a recorded $10.4 million. Gibbons handled the seller’s side, and Brown Harris Stevens agent Polly Wulsin represented the buyers, Loic and Rebecca de Kertanguy.

Randall Smith founded Alden Global Capital in New York City, a privately held hedge-fund firm. He also has invested in newspapers and media companies through Digital First Media.



Source: Darrell Hofheinz, November 9, 2018, Palm Beach Daily News

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