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UPDATED: Hedge-fund founder pays $10 million for house in Palm Beach

Posted On: 05-10-2016

By Darrell Hofheinz

Daily News Real Estate Writer

Another hedge-funder has bought a second home in Palm Beach.

Pennsylvania-based David J. Martinelli and his wife, Christine, have used a revocable trust to buy a landmarked Midtown house at 4 Golfview Road for $10 million, the price recorded today by the Palm Beach County Clerk’s office.

The 1922 house was sold by longtime Palm Beach resident Angela Williams, who with her husband, Art, owns a historic oceanfront home on the North End. She had paid $9.6 million for the renovated house on Golfview Road in September 2014.

David Martinelli founded and is managing partner of Harvest Fund Advisors LLC, a hedge fund with offices in Wayne, Penn., near Philadelphia. A former investment banker, he and his wife have a home in Haverford, Pa.

The deed lists the buyer as a revocable trust, with attorney Maura Ziska serving as trustee. She signed a 30-year, $7 million credit-line mortgage on the property on behalf of the trust. The lender is DB Private Wealth Mortgage Ltd., a company affiliated with Deutsche Bank.

Ziska couldn’t be reached at her West Palm Beach office, and the real estate agents involved in the sale won’t discuss the buyers. Real estate agent Liza Pulitzer of Brown Harris Stevens, who handled the buyers’ end, declined to comment. Corcoran Group agent Alison Newton had the listing.

A block south of Worth Avenue, the house was designed by society architect Marion Sims Wyeth with a three-story polygonal stair tower. The Mediterranean-style house faces the Everglades Golf Course on a privately maintained road.

The property has four bedrooms and about 5,200 square feet of living space, inside and out, in the main residence and a guest cottage. The L-shaped house’s front lawn and lap pool are hidden from the street by a walled courtyard that was landscaped by Nievera Williams Design.

Interior features include pecky-cypress ceilings, original Cuban tile floors, Venetian-plaster walls and a fireplace with an antique stone mantelpiece.

The house was listed for sale at $11.176 million in early December, and the price later dropped to $10.6 million, according to records in the Palm Beach Board of Realtors Multiple Listing Service.

Corcoran Group agent Alison Newton had the listing, and Brown Harris Stevens agent Liza Pulitzer handled the buyer’s side of the deal.

Sellers own beachfront house

Term-life insurance entrepreneur Art Williams Jr. founded A.L. Williams & Associates, which since 1991 has been known as Primerica Financial Services.

The Williamses own another house on the island at 1545 N. Ocean Way, which was listed on the Golfview Road deed as their address. They had that property listed for sale in 2014 and 2015 at between $49.5 million and $45 million, MLS shows.

The North Ocean Way property made headlines in late 2014 when the Town Council heeded the Williamses’ objections and refused to grant landmark protection to the house, even though the Landmarks Preservation Commission had recommended doing so. Facing the ocean, the house was designed by Treanor & Fatio, the firm of noted society architect Maurice Fatio. The Williamses have owned the house, known as Windansea, since 1996.

Renovated by previous owners

Newton also was involved in the 2014 sale when the Williamses bought the Golfview Road house, but she and her Corcoran colleague Jim McCann represented the sellers, Penelope and Marion Hugh Antonini, opposite Sotheby’s International Realty agent Nancy Mendel.

The Antoninis had carried out an extensive renovation after buying the house on Golfview Road in 2005. They have since renovated and restored Casa Eleda, a landmarked mansion they bought three years ago at 920 S. Ocean Blvd. Designed by Fatio, that house is known to locals as the “ham-and-cheese” house, because of its facades’ distinctive alternating horizontal bands of red brick and stone.

The Golfview Road house was among the first built in neighborhood pioneered in the early 1920s by Worth Avenue developer Paris Singer and builder Harry Raymond Corwin. Many of the street’s houses were designed by Wyeth.

 

 

 

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

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