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Palm Beacher behind $43.7 million purchase of seaside ‘spec’ house

Posted On: 03-14-2016

By Darrell Hofheinz

Daily News Real Estate Writer

Palm Beach financier Kenneth G. Tropin is behind the purchase of 1695 North Ocean Way, the new beachfront house built on speculation that changed hands for nearly $44 million in a sale recorded Friday.

The Kenneth G. Tropin Revocable Trust bought the house, according to the deed viewable today on the Palm Beach County County Clerk’s website. The Daily News broke news of the sale on Friday.

The house was developed by Palm Beacher Pat Carney and sold furnished after being on the market for about two months. The Corcoran Group handled both sides of the deal, with agent Jim McCann representing Carney and Suzanne Frisbie handling the buyer’s side.

Six houses south of the inlet, the West Indies-style home has five bedrooms, with another four in its free-standing guesthouse. In all, the residence has about 24,000 square feet of living space, inside and out. With 110 feet of beachfront, the property totals more than 2.5 acres, including the home’s lot, measuring about an acre, plus a federally protected beach parcel.

The Tropin name is already attached to two historic houses across town in the Estate Section. Kenneth Tropin’s revocable trust owns a 1922 house oceanfront house designed by noted society architect Marion Sims Wyeth at 100 El Bravo Way. That Mediterranean-style house was bought for $15 million in 2003, property records show.

On Tuesday, Frisbie listed the El Bravo Way house for sale at $32.95 million.

In May, property records show, ownership of that house was transferred from Kenneth and Kathleen Tropin to Kenneth Tropin’s trust for a recorded $12.5 million.

In 2013, Kathleen Tropin bought and then renovated another property nearby, a 1929 Mediterranean-style house also designed by Wyeth at 200 El Brillo Way. Frisbie acted on her behalf when she bought that six-bedroom house for $8.3 million from longtime Palm Beacher Claude Rosinsky, who was represented by broker Christian Angle of Christian Angle Real Estate.

Kenneth Tropin founded and has served as chairman of Graham Capital Management in Rowayton, Conn. He has longtime ties to New Canaan, Conn.

The North Ocean Way roperty is the third never-lived-in, furnished mansion developed by Carney to change hands within the past seven months. In all those sales totaled $108.1 million. The others were in Palm Beach on North Lake Way and in Manalapan on South Ocean Boulevard — and all were listed by McCann.

The North Ocean Way sale likely represents the highest recorded price ever paid for a spec house in Palm Beach. It bests the $42 million that changed hands, according to courthouse records, when 1220 S. Ocean Blvd. sold in 2013. Records also indicate the North Ocean Way deal marked the highest recorded price ever paid for a property north of the Palm Beach Country Club.




Source: Darrell Hofheinz, March 14, 2016, Palm Beach Daily News

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