The Real Deal Miami

Initially listed in 2004, Palm Beach home finally sells

Sullivan & Cromwell attorney in New York pays $2.82 million for the 4,615-square-foot home

October 31, 2015 02:05PM

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Palm Beach home at 150 Algoma Road.

Palm Beach home at 150 Algoma Road.

The owners finally sold a home in the Estate Section of Palm Beach after trying for 11 years.

They had regularly put the home on the market and taken it off since 2004, according to the Palm Beach Board of Realtors Multiple Listing Service.

Heinz and Cornelia Gundlach had listed their three-bedroom home at 150 Algoma Road with several real estate agencies over the years.

They sold the 4,615 square foot home in Palm Beach, fully furnished, for $2.82 million to William F. Indoe, a senior attorney in the New York City office of law firm Sullivan & Cromwell.

The Gundlachs bought it for $505,000 in 1987. The home is a French-style villa located three streets north of the Mar-A-Lago Club in Palm Beach.

Indoe is expected to operate the residence as a rental. He and his wife have an apartment in Manhattan.

Indoe and his wife, Jane, own a Palm Beach home at 137 Australian Avenue, and he owns two condos on the same street. [Palm Beach Daily News] — Mike Seemuth