The Real Deal Miami

Palm Beach home sells at discounted $3.925 million

The asking price about a year ago was $5.85 million for the 1910 residence, a town landmark

April 23, 2016 04:00PM

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345 Brazilian Avenue, Palm Beach (Credit: Andy Frame for Illustrated Properties)

345 Brazilian Avenue, Palm Beach (Credit: Andy Frame for Illustrated Properties)

A restored 1910 cottage in Palm Beach with 4,358 square feet of living space sold for $3.925 million, almost $2 million below the original asking price a year ago.

Jeff Bryan Franzen is trustee of the entity listed as the buyer of the five-bedroom home on a deed filed with the Palm Beach County Clerk.

The Palm Beach Daily News also reported that Franzen is a Dallas native whose career included a tenure as a senior executive of national real estate firm Lincoln Property Co.

The acquired cottage at 345 Brazilian Avenue has had landmark protection from the Town of Palm Beach in 1990. The seller, Christine Watkins, resides in a nearby home at 355 Brazilian Avenue. She had owned the 345 address since 2008.

The late home builder Bill Elias restored and expanded the Palm Beach property, expanding its floor plan with the addition of a master suite and great room, together with a two-bedroom poolside guest house, which also can be used as a cabana.

Shelly Newman, an agent of Illustrated Properties, had listed the 345 Brazilian Avenue property about a year ago with an asking price of $5.85 million, which subsequently was reduced to $4.925 million. Elizabeth DeWoody, an agent of the Corcoran Group, represented Franzen.

According to the listing, the furnishings were available separately for purchase. It wasn’t clear whether the furnishings changed hands at the closing of the sale of the house. [Palm Beach Daily News] — Mike Seemuth