A never-lived-in oceanfront estate has sold in Palm Beach for a $64 million, further squeezing the island’s already-tight supply of houses for sale. The price was reported in a closed listing in the local multiple listing service.
The sale of 901 N. Ocean Blvd. is the sixth Palm Beach deal this year to top $60 million, thanks to a real estate market supercharged by buyers looking for havens to weather the coronavirus pandemic and attracted by Florida’s favorable tax climate, real estate observers say.
A copy of the deed for the sale reviewed by the Palm Beach Daily News lists the buyer as Beechgreen LLC, a Delaware limited liability company. The document lists the contact for that entity as Toni Parker, an accounts manager at an address that matches that of DDK & Co., an accounting firm in Jericho on New York’s Long Island. The deed, which lists the sale price, had not been recorded at the Palm Beach County Courthouse as of early afternoon on Friday.
The Bermuda-style estate that just sold was developed on speculation by a company linked to real estate investor and property manager Clark Beaty and his father, longtime Palm Beach resident, private investor and businessman Keith D. Beaty.
Biggest Palm Beach sales: $85 million and up: Top 10 most expensive homes in Palm Beach. 2 have a Trump tie
Facing 175 feet of oceanfront, the property measures 1.14 acres and is immediately north of the Palm Beach Country Club, tucked into the curve of the coastal road.
The five-bedroom main house and two-bedroom guesthouse were completed this year. In all, the property offers about 18,000 square feet of living space, inside and out, including a partial basement.
The house stands next to a new mansion next door at 905 N. Ocean Blvd. Both houses generated controversy during their reviews before the Architectural Commission in 2018. Neighbors vigorously complained over several months that the initial designs were overscaled and inappropriate for what they dubbed “the gateway to the North End.” In the end, both property owners reduced the size and footprints of the houses they planned to build, appeasing board members and neighbors alike.
“We’re very happy with the house we built. I think it’s a nice addition to the island,” Clark Beaty told the Palm Beach Daily News. “There were fears that the (side-by-side) houses were going to be too big for the property, but I think it's clear now they are not. We also worked hard on the landscape plan to make sure that privacy was given to the eventual owner and (to provide screening) from the street.”
He declined to discuss specifics of the sale or to discuss the buyer.
The Beaty family, which has deep roots in Palm Beach, sold the house through a Florida limited liability company named PBB Island Property LLC. That entity is co-managed by Clark Beaty and Bayfin LLC, a Florida company controlled by Keith Beaty, business records show.
Agent Christopher Deitz of William Raveis South Florida was the listing agent. He declined to comment on the transaction or discuss specifics of the sale.
Broker Lawrence Moens of Lawrence A. Moens Associates handled the buyer’s side, his office confirmed. Moens couldn’t be reached for comment.
In early March, Beechgreen — the company that bought the estate — sold, for a recorded $23.5 million, a recently built waterfront house in Venetian Isles near Miami Beach, property records show. Beechgreen had only owned that house about four months, having bought it in November 2020 for a recorded $20.4 million, according to courthouse records.
The $64 million sale price of the Palm Beach estate was mentioned in an email sent Monday afternoon on behalf of business and real estate attorney Adam Seligman, a partner at West Palm Beach-based Ward Damon, who represented the seller in the transaction. The transaction closed Monday, the email said.
The property last listed, furnished, at $74.8 million in the multiple listing service, after being listed in February at $84 million. The mansion was sold mostly unfurnished, according to a source familiar with the transaction. The property had been under contract since July 20, the MLS shows.
House includes gym, wine storage for 4,000 bottles
The guesthouse and four-car garage building stand on the west side of the property and are linked to the main house by a pergola-topped breezeway in the design by architect Roger Janssen of Dailey Janssen Architects in West Palm Beach.
The home features expansive living areas, an 800-square-foot “professional grade gym” and a basement wine room with storage for 4,000 bottles, according to the sales listing. The media room has its own snack bar. There also are three kitchens — one for family use, one for an in-house chef and another in the guesthouse.
On the oceanfront side of the house, loggias face the swimming pool and the sea, as does an octagonal-shaped structure designated by the developers as a home office.
Keith Beaty was CEO of 3i Implant Innovations Inc., a manufacturer of dental implants he co-founded in 1987. The company later was acquired and became part of Palm Beach Gardens-based Zimmer Biomet.
Clark Beaty is CEO of CB Real Estate Management and Holdings in Palm Beach Gardens.
Carolina Panthers owner buys house next door
The adjacent house at 905 N. Ocean Blvd. changed hands in February for a recorded $68.39 million. A limited liability company linked to hedge-fund billionaire and Carolina Panthers owner David Tepper and his wife, Nicole, bought it furnished in a deal said to have hit $73 million. The Tepper deal marked the second-most expensive spec house ever sold in town, property records show.
The house at No. 905 was built by real estate investor Pat Carney and his wife, Lillian, longtime Palm Beach residents. Agent Jim McCann of Premier Estate Properties acted for the Carneys in the sale to the Teppers.
Both houses stand on lots sliced from a 2.3-acre estate that changed hands in March 2016, sold by a revocable trust in the name of the late Lorraine Friedman.
The Beaty family paid a recorded $14.57 million for its lot, and the Carneys paid the same amount for their half.
“I had agreed to buy the whole parcel,” Patrick Carney told the Daily News in 2016. “Then I invited the Beatys to participate.”
The Friedman house and several outbuildings — all with distinctive blue-tile roofs — had been razed by the time the 2016 deal closed.
The land was once part of Playa Riente, an elaborate 1923 estate designed by noted society architect Addison Mizner and demolished in the late 1950s by its final owner, the late Anna Dodge Dillman.
Other sizable sales this year
The most expensive residential sale ever in Palm Beach closed in February, when a never-lived-in beachfront mansion at 535 N. County Road sold for a recorded $122.65 million, likely setting a Florida record. As much as $133 million was said to have changed hands in the deal. The buying entity was linked to private-equity specialist Scott Schleifer, represented by New York City broker Ryan Serhant of Serhant and agent Christopher Leavitt of Douglas Elliman Real Estate. Broker Lawrence Moens of Lawrence A. Moens Associates, who had an investment stake in the house, represented the seller, a company controlled by developer Mark Pulte of Mark Timothy Inc.
In June, seasonal resident Dr. Ernst Langner sold for a recorded $109.625 million the ocean-to-lake estate he and his wife, Nataly, built as a custom residence at 1840 S. Ocean Blvd. A trust was on the buyer's side of the sale, and Moens handled both sides.
In May, Edward "Chris" G. Watkins and his wife, Karen, parted with their custom-built mansion at 1341 S. Ocean Blvd. for a recorded $95 million. A trust was on the buyer's side of the off-market sale. Moens represented the sellers and the buyer.
In July, developer Todd Michael Glaser and an investment group paid a recorded $85 million for 10 Tarpon Way, a 1930s-era house on a private island of more than 2 acres, the only property of its kind in Palm Beach. The sale price set a new town price record for a lakefront property without additional ocean frontage. Agent Jim McCann of Premier Estate Properties acted on behalf of the sellers, private investor William Toll and his wife, Eileen. Agent Suzanne Frisbie of the Corcoran Group Properties was the lead agent representing Glaser’s group, which has won town approval to renovate and expand the house for resale.
Editor's Note: This story was updated on Aug. 31, 2021, with information about the buyer of 901 N. Ocean Blvd. Another update on Sept. 3, 2021, added statements by Clark Beaty. Check back for updates.
Darrell Hofheinz is a USA TODAY Network of Florida journalist. You can reach him at email@example.com. Help support our journalism. Subscribe today.
This article originally appeared on Palm Beach Post: ‘Spec’ mansion brings $64 million, after controversial start in Palm Beach