The Real Deal Miami

Former Bear Stearns exec sells waterfront Palm Beach home

Company tied to luxury homebuilder Malasky Homes was the buyer

February 17, 2016 01:30PM
By Katherine Kallergis

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608 Island Drive

608 Island Drive in Palm Beach

After buying a home in June on Palm Beach’s Everglades Island, Denis P. Coleman and his wife Annabelle G. Coleman have flipped the property for $6.49 million, a $100,000 loss.

Palm Beach County records show the Colemans sold the two-story, waterfront home at 608 Island Drive to a company managed by luxury homebuilder Bruce A. Malasky. They bought the 0.44-acre property in June for $6.5 million, then listed it for sale in August for $7.9 million. It was been listed and delisted since then.

Denis Coleman, chairman of the Quantum Foundation, was an executive vice president at the Bear Stearns Companies from 1967 to 1989. He’s currently director of Radixx Solutions International, an airline reservations technology company, and president of the Palm Beach Town Council.

The 4,449-square-foot home was built in 1962 and includes a four bedrooms. The Everglades Island property, which is on the Intracoastal, includes a pool, fountain, boat lift and dock.

West Palm Beach-based Malasky Homes is a full-service home building company owned and operated by the Malasky family. The buyer, 608 Island Drive LLC, financed the deal with an $8.45 million mortgage, county records show.

In June, the Colemans sold a property down the street at 662 Island Drive for $19 million.