Palm Beach’s 101 Island Road manse closes in $14.4 million transaction

Miami /
Jun.June 20, 2012 05:30 PM

Robert Rich’s home at 101 Indian Road in Palm Beach has been sold for $14.35 million, according to a deed filed last week in Palm Beach County Circuit Court. Rich is the son of Robert Rich, Sr., the founder and chairman of Buffalo-based food company Rich Products.

The 7,473-square-foot property, which was built in 1970, has a market value of $14.86 million, according to Palm Beach County Property Appraiser records. Taxes on the home were $279,068 last year.

“[Rich] was one of the most terrific guys I’ve ever done business with in my life,” listing broker Lawrence Moens told The Real Deal. “It was a magnificent oceanfront property.”

West Palm Beach attorney Maura Ziska, who prepared the deed, confirmed the sale to The Real Deal, but could not comment further.

The buyer was 101 Indian Road, a Florida limited liability company based in Delray Beach. It lists Robert G. Fessler, Robert W. Fessler,
David Fessler and Lawrence Grogan as members, two of whom are based in Charlotte, N.C.

Linda Manfre is the company’s registered agent.

Rumors of the transaction began in May, when Moens, of Lawrence A. Moens Associates, changed the status of the
property from “active” to “pending.”

It had been listed for $19.8 million.

While Palm Bach has a seen a few sales over $10 million in recent years, it’s been the low to mid-range homes that have seen a sales
surge.

But there has been interest in such “trophy properties,” according to Fite Shavell’s David Fite, and this could be a sign that things are picking up in the upper echelon of Palm Beach’s market.

“I think it speaks for itself,” Moens said of the sale.  “The high-end always does well, no matter what the economy is up to.”

 

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