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Palm Beach real estate: Second lot in subdivision brings $7.35 million

Posted On: 05-14-2018

Canadian banker Adrian Tauro and his interior designer wife, Sloan Mauran, know a thing or two about building and renovating houses in Palm Beach. In January, Tauro sold their custom home at 151 Chilean Ave. in Midtown for a recorded $11.5 million. Before buying that house, they had carried out a major re-do of a house on Primavera Avenue north of Royal Palm Way, town records show.

So it wasn’t much of a surprise to see Tauro’s name listed as the buyer who last week paid $7.35 million for a vacant lot in a relatively new subdivision at El Bravo Way and South County Road. The lot at 95 Middle Road was carved from the former estate of the late communications billionaire John W. Kluge and sold by British insurance entrepreneur and real estate developer Sir Peter Wood, a seasonal Palm Beacher.

Wood bought the 4.2-acre estate for $39 million in 2016, sliced off an acre with a landmarked oceanfront house and cleared the rest of the land. Last year, he earned the town’s approval to break the property into five vacant lots.

The lot that just sold is the second to change hands in the subdivision. The parcel lies in the northeast corner, immediately west of Audita, the landmarked house Wood sold for $18.25 million in April.

RELATED: Neighbor buys first lot in subdivision of former John Kluge estate

Tauro paid about $347 per square foot for the lot, which changed hands via a deed recorded Thursday. West Palm Beach attorney Gregory E. Young signed the document on behalf of Wood’s ownership company, 89 Middle Road LLC.

The lot measures 21,164 square feet. That’s a little more than half of a so-called “Palm Beach acre,” which measures 40,000 square feet and is slightly smaller than a conventional acre.

The lot that just changed hands was originally priced at $8.25 million when it entered the market in August, and the price later dropped to $7.995 million.

Broker Christian Angle of Christian Angle Real Estate handled both sides of the sale, according to his closed listing in the Palm Beach Board of Realtors Multiple Listing Service. He and the parties involved in the sale couldn’t be reached. But sources familiar with the transaction said the buyers are planning to build a house on the property.

Angle also handled both sides of the Audita deal as well as the sale of the first vacant lot in the subdivision. The latter — with 20,361 square feet — sold for just under $7 million in October to its next-door neighbor. Retired oil executive Thomas D. O’Malley and his wife, Mary Alice, used it to expand their backyard of their oceanfront house at 101 El Bravo Way.

RELATED: Landmarked Audita sells for $18.25 million, deed shows

Tauro’s resume includes tenure as a senior financial adviser with a private client group affiliated with Scotiabank of Canada. His wife owns an eponymous interior design firm outside Toronto in King City, where the couple has a home.

The largest of the subdivision’s remaining lots — at 125 El Bravo Way on the corner of South County Road — is priced at just under $14 million and measures 40,150 square feet. The other two parcels are on the north side of the property, nearer the cul-de-sac that terminates Middle Road. With 17,985 square feet, the lot at 599 S. County Road is priced at $5.95 million. The lot at 86 Middle Road, with 30,268 square feet, has an asking of $10.9 million. All the prices have been reduced since the lots entered the market last summer.

Last fall, Tauro sold his custom home, completed in 2016 on Chilean Avenue, in an off-market deal to Pamela A. Perri Reyes and her husband, David “Duke” K. Reyes, whose fortune stems in part from their Chicago-based Reyes Holdings, parent of Reyes Beverage Group. The two-story residence on a third-acre lot is in the ocean block near the corner of Chilean and South County Road. With four bedrooms, the house has about 5,900 square feet of living space, inside and out. The Fite Group handled both sides of the sale, with agents Christopher Deitz acting for Tauro and Robin Weis Donnelley representing Reyes and Perri.

RELATED: Former Kluge estate sells for $39 million

In April 2016, Wood used a limited liability company to buy Kluge’s former estate from the trustees of Columbia University. Kluge had bequeathed his estate, then addressed as 89 Middle Road, to his alma mater before his death in 2010. Brown Harris Stevens agent John O. Pickett III acted on Wood’s behalf in the sale. The estate had been jointly marketed by listing agents Carol Digges and Carole Hogan of Brown Harris Stevens and Paulette Koch and Dana Koch of the Corcoran Group.

Wood has owned property in Palm Beach since 2007 and recently finished construction of a seaside custom home for himself at 101 Via Marina, property records show. He also developed on speculation an oceanfront house next door to that one, priced at $43 million at 530 S. Ocean Blvd.

Wood made his money in insurance, founding several British companies, including Direct Line and, more recently, esure. He also has founded insurance companies in the United States and Spain.

Wood sold Audita to Mora Middle Investments Inc. of Toronto, which is headed by developer Larry Morassutti. A Morassutti trust owns a condominium down the street in Las Ventanas at South Ocean Boulevard and Gulfstream Road.

 

 

 

Source: Darrell Hofheinz, May 14, 2018, Palm Beach Daily News

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