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Six-bedroom North End house goes for $6.1M

Posted On: 07-17-2014

By Darrell Hofheinz Daily News Staff Writer

The Windy City was represented on both sides of the negotiating table in a $6.1 million deal recorded recently for a Palm Beach Regency-style house at 695 N. Lake Way.Via a deed filed late last month, Chicago real estate developers James M. and Amelia Gaye Engel sold the six-bedroom property they had owned for nearly a decade. The house and its guesthouse stand on an oversized lot of more than a half-acre.

On the buyer’s side was Angus G. Donnelley, part of the Chicago-based family tied to the R.R. Donnelley media and publishing empire. He acted as co-trustee of a revocable trust in his name with an address in care of Northern Trust Co. in Chicago, the deed shows. His family also has longtime ties to the island.

Broker Christian J. Angle of Christian Angle Real Estate, who represented the Engels in the sale, had the house listed at nearly $7 million. Agent Jim McCann of the Corcoran Group handled the buyer’s side of the deal.

In 2005, the Engels paid $5.62 million for the 1992 house, which has 7,754 square feet of living space, inside and out. They had it on and off the market with other agents since 2009, according to records in the Palm Beach Board of Realtors Multiple Listing Service.

Donnelley also owns a 1920s-era home at 196 Belmonte Road in West Palm Beach’s historic El Cid neighborhood, property records show. He has owned it since 1997.

Jim Engel bought his first home in Palm Beach in 1983, according to published reports.

In 2007, the Engels announced plans for their company, American Heritage LLC, to develop a 16-story condominium development named Central Park Plaza in downtown West Palm Beach. But once the recession gripped South Florida, the project never got off the ground and the property was later sold. Last fall, two other developers, The Kolter Group and Ram, revived the plan to build a condo tower at the site on Fern Street between Olive Avenue and Dixie Highway.

 

Source: Darrell Hofheinz, July 17, 2014, Palm Beach Daily News

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