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Palm Beach real estate: The season’s loftiest sales

Posted On: 05-01-2016

By Darrell Hofheinz

Daily News Real Estate Writer

The list of the biggest-dollar property sales of the Palm Beach season includes two never-lived-in spec houses – and another one that sold before it was even finished.

But there are historic houses on the list as well, ranging from the late John Lennon’s 1923 vacation house to Dr. Oz’s newly purchased winter retreat to the late billionaire John W. Kluge’s multi-building compound, where one of the two major houses is a 1921 landmark facing the sea.

Which proves that houses, like the most interesting charity galas, have young and old often seated together at the same high-dollar table.

In any case, here’s the list of the largest single-family sales that closed between mid-September and last week. And should you need any more proof that Palm Beach buyers appear more willing to reach deeply into their wallets for properties they consider worth the price, there’s this: Nine single-family sales this season topped $15 million, according to the prices recorded at the Palm Beach County Courthouse. Compare that to last season, when there were just five transactions in that price category.

All of the properties, by the way, are waterfront.

> Palm Beach real estate: The price is a bit more right?

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$43.7 million — 1695 N. Ocean Way

The biggest sale of the season was recorded in March when a just-completed oceanfront house developed by Palm Beacher Pat Carney on the far North End fetched nearly $44 million. The property was on the market about two months. With 24,000 total square feet of living space and 110 feet of beachfront, the five-bedroom house and a four-bedroom guesthouse were furnished when they sold to a trust in the name of Palm Beach hedge-funder Kenneth G. Tropin. The Corcoran Group handled both sides, with listing agent Jim McCann acting for Carney opposite agent Suzanne Frisbie. Presiding over more than 2½ acres, including a federally protected beach parcel, the residence is said to be the most expensive spec house ever sold in Palm Beach.

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$39 million — 89 Middle Road

After nearly five years on the market, the estate of the late billionaire John W. Kluge sold in April for $39 million to developer Palm Beacher Peter Wood, who was represented in the deal by agent John O. Pickett III of Brown Harris Stevens. With 4.3 acres, 150 feet of beachfront, two historic houses, three major outbuildings and extensive gardens, the Estate Section property was sold by the board of trustees of Columbia University, which had been bequeathed the estate before Kluge died in 2010. The estate was co-listed for sale by agents Carol Digges and Carole Hogan of Brown Harris Stevens and Dana Koch and Paulette Koch of the Corcoran Group.

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$32 million — 225 Indian Road

February saw the island’s third-highest price ever paid for a house on the lake or inlet. Developed on speculation by the Frisbie family and still under construction on the inlet, the eight-bedroom house sold for $32 million in an off-market deal handled on both sides by Corcoran Group agent Suzanne Frisbie. A Florida limited-liability company managed by attorney Curtis Shenkman bought the house, which has 12,445 square feet of living space, inside and out, and stands on an irregularly shaped lot measuring nearly 1½ acres with 217 feet of water frontage.

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$31.4 million — 390 N. Lake Way

Developed on spec by Pat Carney and sold in December for $31.4 million to Bain Capital financier Paul Edgerley and his wife, Sandra, the five-bedroom lakefront house is the fourth-highest lakefront or inlet property ever sold in Palm Beach. With 12,655 square feet of living space, inside and out, the house occupies a lot of a little less than three-quarters of an acre with 130 feet of lakefront and deep-water dockage. It sold with its furnisings. Corcoran Group agent Jim McCann had the listing, and broker Steve Hall of Hall Real Estate brought the buyer.

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$23.95 million — 720 S. Ocean Blvd.

Named El Solano, the 1923 house is best known as the vacation retreat of the late John Lennon, who co-owned it briefly with his wife, Yoko Ono, before his death in 1980. She subsequently renovated and sold the property. The most recent sale, for nearly $24 million, occurred January, when its longtime owners, investment banker Alan Curtis and his wife, Christine, sold it to equity investor John C. Sites and his wife, Cindy. Broker Lawrence Moens of Lawrence A. Moens Associates acted on behalf of the Curtises in the off-market deal opposite broker Christian Angle of Christian Angle Real Estate. The house was designed by noted society architect Addison Mizner.

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$20.76 Million — 240 Banyan Road

In late September, a trust linked to venture capitalist David Wetherall and his wife, Elizabeth, sold a lakefront house at 240 Banyan Road for $20.76 million, the second time it had changed hands within three months. In July, agent Cristina Condon of Sotheby’s International Realty had been the listing agent for Mary Jo Condren when the house sold for $17.4 million in a deal that saw broker Lawrence Moens of Lawrence A. Moens Associates acting for Wetherell’s trust. About two months later Moens represented the trust again when it sold the property to a different trust, represented by agent Betsy Hall of Hall Real Estate.

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$18.14 million — 757 Island Drive

On the southwest tip of Everglades Island, a vacant lot with nearly 400 feet of waterfront at 757 Island Drive sold for $18.14 million in an off-market February deal — the third time the property had changed hands since 2012. Seller Thomas A. Tisbo, who used a trust to buy the property for $17.5 million in 2013, sold the lot – measuring nearly an acre — to the Islandew Revocable Trust. Broker Lawrence Moens of Lawrence A. Moens Associates handled both sides of the deal.

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$18 million — 473 N. County Road

Television personality and heart surgeon Dr. Mehmet Oz and his wife, Lisa, in October paid $18 million for Louwana, a landmarked house at 473 N. County Road. The seller was Christine de Heeren Noble, a descendent of the Munn family, which built the house in 1919. On a 1½-acre lot with 150 feet of beach frontage, the 12-bedroom, 12,483-square-foot house was designed by Addison Mizner and renovated by architect Maurice Fatio. The host of the “The Dr. Oz Show” has longtime ties to Palm Beach through his wife’s family. Sotheby’s International Realty agent Cristina Condon represented the seller, and agent Shirley Weiner of The Fite Group handled Ozes’ side of the sale.

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$17.6 million — 101 El Brillo Way

The longtime home of the late Jean van Waveren, a landmarked 1921 oceanfront house at 101 El Brillo Way changed hands in January for $17.6 million in an off-market deal orchestrated by agent Liza Pulitzer of Brown Harris Stevens. The Palm Trust bought the five-bedroom house with 10,400 square feet and a Morrocan-style loggia. Designed by noted society architect Marion Sims Wyeth, the house is known as Qui Si Sana (“Here is the Cure”).

CONDO SETS AN OCEANFRONT RECORD

The highest-dollar condominium sale of the season was also a record-setter and recorded in October. Unit N31 at Two North Breakers Row fetched $12 million, the most expensive price ever recorded for an oceanfront apartment in Palm Beach. Broker Linda A. Gary of Linda A. Gary Real Estate represented the buyer, a trust, as well as sellers Roberta and Stephen R. Weiner, who had extensively renovated the two-bedroom unit. The condo changed hands with a cabana.

 

 

 

Source: Darrell Hofheinz, May 1, 2016, Palm Beach Daily News

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