Palm Beach home sells for reduced $10.5M price

A  five-bedroom lakefront home in Palm Beach sold for a reduced price of $10.5 million after more than a year on the market.

The home at 1226 North Lake Way was listed for sale in January 2015 with an initial asking price of $13.8 million, which subsequently was reduced to $12.6 million.

The home has 6,746 square feet of living space, indoors and outdoors, and occupies more than a third of an acre. Its features include beamed ceilings, impact-resistant mahogany doors and a concrete deep-water dock.

Broker Lawrence Moens represented the seller, author Barbara Swanson, in the transaction. Randy Ross, an associate agent with Keller Williams Realty in Miami, represented the buyers, Alan and Virginia Marantz.

The buyers financed their purchase with a $5 million mortgage loan from JP Morgan Chase Bank.

Alan Marantz, who held senior positions with Lehman Brothers from 1982 to 2008, has been a managing director in the New York office of Maryland-based FORT Management LP since 2014.

In January, the Wall Street Journal reported that FORT Management sold a minority interest in itself to an investment fund that Goldman Sachs manages. [Palm Beach Daily News] — Mike Seemuth