The Real Deal Miami

Developer sells waterfront spec house in Palm Beach for $31M

Only sale to beat this one was $71M purchase of historic estate

December 21, 2015 06:00PM
By Sean Stewart-Muniz

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The spec house at 309 North Lake Way

The spec house at 309 North Lake Way

A newly built waterfront spec house in Palm Beach was just sold by its developer for a whopping $31.4 million, marking one of the city’s priciest residential deals this year.

The home, located at 390 North Lake Way, is a 12,655-square-foot mansion with five bedrooms, six bathrooms and 130 feet of frontage on the Lake Worth Lagoon.

It was completed this year by Pat Carney, a Palm Beach resident and spec house developer who was also behind the September $30 million sale of 800 South Ocean Boulevard in Manalapan.

The buyer is a Massachusetts company called 390NLWPB. It’s managed by lawyer R. Bradford Malt, a partner at Ropes & Grat LLP who founded the firm’s private equity practice. The true buyer is unknown. No financing has been recorded yet, so it appears the person paid cash.

This home’s $31.4 million price tag breaks down to about $2,481 per square foot. According to the Palm Beach Daily News, only one house this year has sold for more: a piece of the historic Casa Apava estate was purchased for $71.2 million by billionaire hedge funder Paul Tudor Jones II, who regularly trades in South Florida real estate.

The two-story residence at 309 North Lake Way was constructed by luxury home builder Mark Timothy, according to property records. Sold furnished, it features Georgian style with large open spaces, multiple terraces, master suites on both floors and a billiards room.

Corcoran Group’s James McCann brokered the deal on behalf of the seller, while Stephen Hall of Hall Real Estate presented the unnamed buyer. The home was first listed in April of this year for $37.9 million, but the price dropped to $35.9 million in November.

Palm Beach County records show a company affiliated with Carney paid $9.165 million for the 0.67-acre property in 2012, which at that time was occupied by a home built in 1941.

That company is managed by real estate lawyer Francis X. Lynch, who has managed other spec properties owned by Carney in the past.

Check out a video tour of the property below: