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Waterfront Blossom Estate lots go for $10.65 million

Posted On: 12-27-2009

Waterfront Blossom Estate lots go for $10.65 million

Special to the Daily News

Sunday, December 27, 2009

Augustus Mayhew
(enlarge photo)
Two lots with 5.98 acres and Intracoastal waterfront in the Blossom Estate subdivision are sold by Reed Krakoff. The transaction includes a protected sanctuary under a 99-year lease with the Audubon Society.



Reed Krakoff has sold a vacant 5.98-acre parcel for $10.65 million to attorney Ronald S. Kochman, as trustee under the 1255 S. Ocean Blvd. Realty Trust.

The property consists of two combined waterfront lots that include a protected sanctuary within the Blossom Estate subdivision.

The warranty deed was filed Dec. 17.

In 1919, Standard Oil heir Charles W. Bingham conveyed Figulus, a 17-acre ocean-to-lake estate, to his daughter Elizabeth Bingham Blossom. To his other daughter, Frances Payne Bingham Bolton, he deeded the parcel to the south, where she built Casa Apava at 1300 S. Ocean Blvd.

In November 1942, the Bingham-Bolton-Blossom family extended a 99-year lease to the Audubon Society on the northern lakefront part of their property, court records show. After Elizabeth Blossom's death in 1972, the property was conveyed to her daughter, Mary Blossom Lee.

The main house, Figulus, was placed in the National Register in 1972 and demolished in 1974. Nearly a decade later, Lee's heirs sold the entire estate for $5.8 million; developer Michael Burrows subsequently subdivided it into nine lots.

In 2004 Krakoff spent $9.4 million to buy the lakefront acreage adjacent to the Audubon Society bird sanctuary and buffered by a mangrove area. The executive creative director and president of Coach Inc., he retained architect Richard Meier to design a house for the unique South Ocean Boulevard property.

Lawrence A. Moens, of Lawrence A. Moens Associates, was the listing agent and selling broker for the transaction.

At one time, the property was listed for $19.75 million. Palm Beach County Property Appraiser's Office records show a current appraised value of $10.7 million for the property.

 Source: Augustus Mayhew, December 27, 2009, Palm Beach Daily News


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