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Spec home finished six years ago lands buyer

Posted On: 11-28-2014

By Darrell Hofheinz Daily News Staff Writer

A waterfront reminder of Palm Beach’s recession years has finally moved off the market to the tune of $6.6 million, according to a deed recorded by the Palm Beach County Clerk’s office.

The four-bedroom house facing the inlet at 167 E. Inlet Drive was developed on speculation and completed in 2008 – the same year that the economic downturn doused the island’s real estate party.

Developer Adam Jackson, who also is a real estate agent at Fite Shavell & Associates, had set the home’s price six years ago at $9.6 million.

After it failed to find a buyer during the downturn, he took it off the market for several years and had lately used it as a rental property. But just as he was planning to relist it for sale, Jackson said, it sold in an off-market deal recorded a couple of weeks ago.

The buyer, the deed shows, is a Missouri limited liability company named Springday LLC, with an address in care of accountant Dennis Walsh of Overland Park outside Kansas City, Kan. No other information about the buyer was available.

Jackson said he couldn’t comment on specifics of the deal, the buyer’s identity or whether or not another real estate agency was involved. Jackson and his father, Alfred G. Jackson of New York City, had owned the house through a company named Ajax Equity LLC.

Miami architect Rafael Portuondo designed the home in a modified Dutch South African style with a red roof and twin chimneys. The builder was Laszlo Wagner of the Landfall Group.

The house has a total square footage of about 7,000 square feet, thanks in part of an expansive open-air entertainment area on the second floor. About 4,400 square feet of the home’s interior is under air conditioning.

The property overlooks the inlet and its constant parade of boat traffic.

“We wanted water vistas from as many rooms as possible,” Jackson told the Shiny Sheet in a 2009 article about the house. “We wanted to create something that was not a typical speculative house. We wanted something that was a unique solution to a lot on the water, that would be worthy of Palm Beach – but outside of the box.

”Details include an antique French limestone fireplace on the second-floor deck, Merbau hardwood floors and a swimming pool with sides of Balinese stone.

 

Source: Darrell Hofheinz, November 28, 2014, Palm Beach Daily News

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