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Palm Beach ‘spec’ house facing inlet sells for $32 million

Posted On: 02-10-2016

By Darrell Hofheinz

Daily News Staff Writer

A new West Indies-style house facing the inlet at 225 Indian Road on the northern tip of Palm Beach has changed hands for $32 million, according to preliminary data posted today on the Palm Beach County Clerk’s website.

The house was not listed for sale in the local multiple listing service. No information about the buyer is yet available.

The nine-bedroom house was built on speculation by the Frisbie family, which has developed many high-end homes on Palm Beach. The property was owned by 225 Indian Road LLC, a limited liability company controlled by the family.

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Town records show the house has 12,564 square feet of living space, inside and out. It stands on an irregularly shaped lot measuring nearly 1 ½ acres with 217 feet of water frontage, according to property records.

The house was designed by Roger Janssen of Dailey Janssen Architects in West Palm Beach.

Agent Suzanne Frisbie of the Corcoran Group represents her family in the sale of their projects. She could not be reached.

Frisbie is married to David Frisbie, who works with his brothers in developing real estate projects.

In addition to No. 225, the family has developed another house next door at 219 Indian Road.

In November 2013, a limited liability company controlled by the Frisbies paid a recorded $8.83 million for the property at 225 Indian Road. Corcoran agents Steve J. Davis and Jim McCann acted on behalf of Alicia and William Blodgett when they sold their house there. That house was demolished to make way for the one that just changed hands.

Three weeks after the Frisbies bought No. 225, they paid a recorded $4.465 million for No. 219, the longtime home of late society photographer Mort Kaye. Kaye’s 1953 house — with 75 feet of waterfront — was also razed. That lot was subsequently enlarged by taking land from the former Blodgett property next door.

In 2014, the Frisbies sold a lakefront house they developed on speculation at 445 Antigua Lane for a recorded $28.86 million.

The family also owns the property housing Testa’s Restaurant on Royal Poinciana Way, which it hopes to redevelop. But those plans have been stymied by ongoing legal action regarding the way the project was approved by the town.




Source: Darrell Hofheinz, February 10, 2016, Palm Beach Daily News

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