Distinctive Palm Beach Properties
 
 
Zimmermans
 

Quick Search

 
 

Two North End house sales total $10.5M

Posted On: 07-04-2015

By Darrell Hofheinz

Daily News Real Estate Writer

A little over a year after paying $11.5 million for them, auto dealer Gene Reed Jr. has sold two adjacent North End houses at a loss of about $1 million, at least according to the prices recorded with the deeds.

His four-bedroom oceanfront house at 1230 N. Ocean Blvd. changed hands for $7.93 million, while his four-bedroom guesthouse immediately west at 1233 N. Ocean Way fetched $2.58 million.

Reed, who has resided on the island for about 11 years, said Thursday he hadn’t enjoyed living on the ocean as much as he had expected. Because he likes to relax outside, he added, he is house-hunting for another Palm Beach home on a site with more protection from salt-borne sea breezes.

“You can’t cry over spilled milk,” he said.

Although Reed had joined the properties with a “unity of title” after buying them in April 2014, they sold via separate deeds that were recorded Wednesday. Because he had his property homesteaded, he was “joined” on the deeds by his wife, Johnnie B. Reed.

The houses are about midway between the Palm Beach Country Club and the north tip of the island.

Contract reassigned

Virginia horsewoman Ann Cahill and her businessman husband, Christopher, bought the 5,942-square-foot oceanfront house and its beach parcel, using a Florida limited-liability company she controls named Act On It LLC.

The Cahills previously owned a house on North Lake Way, which they sold last year, and have since been renting and avidly house-hunting, Ann Cahill said Thursday. Her company also owns custom-built stables in Wellington, where she competes as a hunter-jumper.

Although her company initially contracted with Reed to buy both properties, it “reassigned” its right to purchase the smaller house to another buyer, Palm Beacher Malcolm M. McCluskey. His name appears on the deed, with Reed’s listed as the seller.

In an interview Thursday, McCluskey said he plans to raze the house and replace it with one built on speculation, as he has done with other island properties. He and his wife, Angela, also own a lakefront home in the same vicinity as the house he just bought. The McCluskeys co-founded List Services Corp. of Bethel, Conn. The company provides direct-marketing and data services to businesses.

Among the features that sold him on the North Ocean Way house, McClusky said, was the fact the property has its own private deeded beach access — a rarity for houses that don’t face the ocean.

Reed was represented by agent Paula Wittmann of Fite Shavell & Associates, who had listed both houses as a single property in November, first at $13.5 million and later at just under $13 million. Together, they measure about a seventh of an acre.

Corcoran Group agent Allison Wren handled the buyers’ side of the deals, according to records in the Palm Beach Board of Realtors Multiple Listing Service.

High elevation

Built in 2006 as a custom home, the oceanfront Mediterranean-style house stands 15 feet above sea level and looks across the coastal road to the beach and a private cabana.

The property’s elevated position affords sea views from all of the major rooms. With about 100 feet of waterfront, the beach parcel has a swimming pool and a whirlpool spa directly facing the sea.

The house behind it was built in 1960 and has four bedrooms and 3,483 total square feet, according to MLS records

Reed owns Charleston, N.C.-based Gene Reed Enterprises, which operates car dealerships in North Carolina and South Carolina, where he has longtime ties. In addition to Palm Beach, Reed has spent time at his ranch at Pine Creek Sporting Club in Okeechobee and at a home in Aspen, Colo.

He bought his North End property in April 2014 from Deaj Properties Ltd., a Canadian entity linked to Toronto businessman David Feldberg, who had acquired the houses in separate purchases totaling $7.5 million in 2011 and 2013. Broker Christian J. Angle of Christian Angle Real Estate handled both sides of that April 2014 off-the-market deal.

Two months later, Wittmann represented Reed when he sold his Midtown villa at 225 Seabreeze Ave. for a recorded $6.33 million. Corcoran Group agents Paulette Koch and Dana Koch represented the buyer, Irvin Saltzman, in that deal.

The Cahills have a horse farm in Upperville, Va.

Wren represented the Cahills in May 2014 when they sold their home at 735 N. Lake Way for a recorded $6.8 million. Agent Liza Pulitzer of Brown Harris Stevens acted on behalf of the buyer, Irvin Saltzman.

 

Source: Darrell Hofheinz, July 4, 2015, Palm Beach Daily News

News Categories

Zimmerman Douglas Elliman

340 Royal Poinciana Way, Suite 318
Palm Beach, FL 33480

Jacqueline A. Zimmerman (561) 906-7153 Direct jz@PalmBeachProperty.com

Adam M. Zimmerman (561) 906-7152 Direct az@PalmBeachProperty.com

(561) 655-8600 Main Office

 
www.DistinctivePalmBeachProperties.com

The Definitive Source for Palm Beach Real Estate

Jacqueline A. Zimmerman(561) 906-7153pAdam M. Zimmerman(561) 906-7152pMain Office(561) 655-8600
Douglas Elliman, Licensed Real Estate Broker | 340 Royal Poinciana Way, Suite 318, Palm Beach, FL 33480


house

Equal Housing Opportunity

Privacy Policy | Terms & Conditions

Copyright © 2017. All Rights Reserved

No warranty or representation, express or implied is made as to the accuracy of the information contained herin, and same is submitted subject errors, omission, change of price rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.