Palm Beach lot sells for $5M

A vacant lakefront lot at 1348 North Lake Way has sold for approximately $5.17 million, according to a warranty deed recorded Monday by the Palm Beach County Clerk’s office. With 156 feet of frontage on the Intracoastal Waterway, the lot is 253 deep, the Palm Beach Daily News reported. Christian Angle of Christian Angle Real Estate had listed the property at $7.495 million on behalf of owner the TAJA Realty Trust. Jim McCann of Corcoran Group Real Estate represented the buyer, an anonymous limited liability company. The property’s 2010 appraised market value was $5.1 million, county tax records show, down from $10.61 million in 2008. [Palm Beach Daily News]