The Real Deal Miami

Gulf Stream spec mansion trades for nearly $16M

Home has Bermuda style with large windows and exposed beams

May 03, 2016 05:15PM
By Sean Stewart-Muniz

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1275 North Ocean Boulevard in Gulf Stream

1275 North Ocean Boulevard in Gulf Stream

A beachfront speculative mansion in the posh town of Gulf Stream in Palm Beach County just traded for $15.875 million.

County records show a company led by contractor Seaside Builders‘ Thomas Laudani sold the newly built mansion at 1275 North Ocean Boulevard for nearly $1,781 per square foot.

The 8,915-square-foot six-bedroom, seven-bathroom mansion is two stories and boasts modern finishes, a large outdoor pool and 150 feet of ocean frontage. It was designed by architect Richard Jones to have the feel of a Bermuda home, with exposed ceiling beams in several of the living spaces and a plethora of wood-framed windows facing the beach.

Seaside owned the home through a limited liability company named after the property’s address. State records show restaurateur Demetrios Patrinos, who owns the Primanti Brothers chain of eateries, is also a managing member of the company.

The partnership listed 1275 North Ocean in November with an asking price of $18.75 million under Pascal Liguori of brokerage Premier Estate Properties. After roughly four months and a $3 million price cut, another limited liability company has come along and scooped up the property.

The company, 1275 North Ocean LLC, has a Virginia address that matches several financial firms including wealth manager Dyson Capital Advisors.

No financing was recorded in county records, and the only hint at ownership is that the company is managed by Richmond, Virginia-based attorney Matthew Farley, who specializes in representing high-net-worth individuals and families.

LynLee Gynn of Park View Realty in West Palm Beach brought the buyer.