Seven-bedroom waterfront house in Palm Beach sells for $23.8 million

735 Island Drive on Everglades Island in Palm Beach
A buyer paid $23.8 million for a house on Everglades Island in Palm Beach that served as a showcase for art collected by the late Steven Ames and his wife, Ann.
The sale price was $4.2 million below the asking price for the house.
The identity of the buyer of the waterfront house was unavailable in initial information about the transaction that the Palm Beach County Clerk posted Friday on its website.
Steven Ames, who was a partner of investment firm Oppenheimer & Co., died in March 2016. Art collected by Ames and his wife sold for $122.8 million at a Sotheby’s auction a year ago.
The couple bought their Everglades Island property at 735 Island Drive for $6 million in 2003, tore down the existing house there and finished building their custom-designed, Georgian-style house in 2008.
The seven-bedroom house has a three-car garage, 190 feet of frontage along the Intracoastal Waterway and 11,775 square feet of living space indoors and in its lakeside loggias.
The house had been listed for sale for more than 18 months with an asking price of $28 million. Sotheby’s International Realty agents Mary Boykin and Crissy Poorman had the listing.
Broker Linda Gary represented the unidentified buyer. [Palm Beach Daily News] – Mike Seemuth
 

Source: The Real Deal Miami

Palm Beach socialite sells waterfront home: $10M

561 Island Drive
Ruby Rinker, a Palm Beach socialite and heiress to a successful concrete business, just sold her waterfront home on Everglades Island for $10 million.
The 5,325-square-foot home is located on just under half an acre of land facing the Intracoastal Waterway at 561 Island Drive. It was built in 1955 by Ruby’s late husband, Marshall Rinker, who built an empire out of his Rinker Materials Corp. before passing away in 1996.
County records show a limited liability company named after the home’s address bought the property this week. It’s managed by Charles J. Schneider, with an address that leads back to the offices of attorney Guy Rabideau.
The two-story home has four bedrooms, five bedrooms, a fireplace and a two-car garage. After owning the home for more than half a century, the Rinker family has sold it for nearly $1,878 per square foot.
According to the Palm Beach Daily News, the new owner plans to raze the home in favor of a new custom residence instead of a spec home. Brandon Rinker of Rinker Realty represented his grandmother for the sale, while Jim McCann of the Corcoran Group represented the buyer.
Palm Beach County, especially its wealthy waterfront enclaves, have seen a spate of residential redevelopments in recent years as aging homes are bought up and razed in favor of contemporary mansions. The transactions typically fetch high price tags, like the $18 million purchase of just under an acre on Everglades Island in February.

Source: The Real Deal Miami

Former Bear Stearns exec sells waterfront Palm Beach home

608 Island Drive in Palm Beach
After buying a home in June on Palm Beach’s Everglades Island, Denis P. Coleman and his wife Annabelle G. Coleman have flipped the property for $6.49 million, a $100,000 loss.
Palm Beach County records show the Colemans sold the two-story, waterfront home at 608 Island Drive to a company managed by luxury homebuilder Bruce A. Malasky. They bought the 0.44-acre property in June for $6.5 million, then listed it for sale in August for $7.9 million. It was been listed and delisted since then.
Denis Coleman, chairman of the Quantum Foundation, was an executive vice president at the Bear Stearns Companies from 1967 to 1989. He’s currently director of Radixx Solutions International, an airline reservations technology company, and president of the Palm Beach Town Council.
The 4,449-square-foot home was built in 1962 and includes a four bedrooms. The Everglades Island property, which is on the Intracoastal, includes a pool, fountain, boat lift and dock.
West Palm Beach-based Malasky Homes is a full-service home building company owned and operated by the Malasky family. The buyer, 608 Island Drive LLC, financed the deal with an $8.45 million mortgage, county records show.
In June, the Colemans sold a property down the street at 662 Island Drive for $19 million.

Source: The Real Deal Miami