Waterfront home flips, rising $250K in six days

An 11,000-square-foot waterfront mansion on the northern point of Hypoluxo Island in Palm Beach County  sold twice in December — up $250,000 in six days.

Two deeds filed Dec. 31, 2014 in Palm Beach County official records show that the  home in the 1200 block of North Atlantic Drive in Lantana was sold on Christmas Eve by its Michigan-based owners for $4.75 million. On Dec. 30, it sold again for $5 million, according to a published report.

The property appraiser’s office shows the home was built in 1999 and owned since July 2001 by Gross Pointe, Michigan, residents John Jagger and Mary Beth Jagger. Mary Beth Jagger once owned a portion of the Denver Broncos, according to the Denver Post. The couple bought the home for $4.3 million in 2001, according to the Palm Beach Post.

The Dec. 30, 2014 purchaser is listed as Francis James Carey, III.

“This is a gorgeous property with some of the best views looking west and up the Intracoastal,” said Fite Shavell and Associates Realtor Jack Elkins, who represented the buyer and seller in the first transaction, told the Palm Beach Post. “The house probably should have sold for $6.5 million.”

According to the sales listing, the European-inspired estate has six bedrooms, 260 feet of water frontage, a two-story guest house and a gourmet kitchen. [Palm Beach Post] — Ina Cordle