The Real Deal Miami

Trust pays $36M for Palm Beach spec mansion

Luxury homebuilder assembled beachfront lots in 2013 for $12M

September 23, 2016 04:30PM
By Katherine Kallergis

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Luxury homebuilder Mark Timothy Inc. sold a beachfront Palm Beach home for $36 million to a trust.

Records show 6 Ocean Lane LLC sold the spec mansion after listing it in January for $42 million. City National Bank of Florida, acting as trustee, purchased the property.

The six-bedroom, 12,747-square-foot, two-story house was completed last year and includes interiors by Marc-Michaels Interior Design, marble and wood floors, an oceanfront pool and Jacuzzi and a guest home. It has 94 feet of oceanfront and spans 0.85 acres, according to property records.

The LLC, controlled by Mark Timothy Pulte, paid more than $12 million to buy the lots at 6 Ocean Lane and 5 Ocean Lane in 2013. Pulte is president and CEO of the luxury homebuilder firm, and his father founded Pulte Homes, now the Atlanta-based PulteGroup.

Palm Beach broker Lawrence A. Moens was the listing agent. He could not immediately be reached for comment. Susan Turner of Waterfront Properties and Club Communities represented the buyer, according to the Palm Beach Daily News.

The deal marks the fourth new house to sell for more than $30 million over the past 10 months, according to the newspaper, with three of those facing the ocean. That includes a spec manse at 1695 North Ocean Way, which sold for $44 million in March.