The Real Deal Miami

Waterfront Palm Beach home sells for $15.6M

Price breaks down to $2,051 per square foot

July 31, 2015 03:00PM
By Sean Stewart-Muniz

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The mid-century home at 430 North Lake Way

The mid-century home at 430 North Lake Way

A mid-century home on the Intracoastal side of Palm Beach was just sold for $15.6 million.

The home, at 430 North Lake Way, was built in 1967. It had been in the Mergens family of Palm Beach since at least the 1980s, when county records show that the family patriarch, George Mergens, had lived there.

Mergens, a local television executive, passed away in 1986. Fourteen years later, his wife transferred ownership of the 7,635-square-foot home to a trust in the family’s name. And now, the couple’s children, Paul and Mary, have sold the estate for a whopping $2,051 per square foot, according to Palm Beach County records.

That price likely isn’t for the home itself, but the three-quarter-acre waterfront lot that it occupies. Its listing with the Corcoran Group describes it only as “ready for your dream home,” and does not include any photos of the home itself.

The home will be likely be redeveloped.

Directly north, New York real estate mogul William Mack developed the home at 440 North Lake Way. The massive, 20,000-square-foot complex occupies 1.5 acres of waterfront land. Mack paid $14 million for the site in 2003 and redeveloped it in 2005, records show.

The buyer, a company titled Paj Man, is managed by West Palm Beach lawyer Maura Ziska. Her firm Kochman & Ziska represents ultra-high net worth families for home purchases and zoning matters.