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The Real Deal Miami

Jupiter Island tract sells for $15 million, largest area transaction in five years

July 05, 2012 11:15AM

A 6.2-acre tract on Jupiter Island has sold for $15 million, the Palm Beach Daily News reported. The property, which had been listed by Sotheby’s International Realty in Palm Beach for $17 million, is the largest transaction on Jupiter Island since 2005. The transaction was handled by Sotheby’s agent Jay Dewing. Keith Frankel, trustee for the Frankel family, sold the property to buyer Corrales Canyon, a limited liability company. “Since early 2007, there had not been a sale made on the island over $10 million,” said Adrian Reed, who represented the buyer of the site, which is located at 254 South Beach Road. Since that time, he said, there have been four sales beyond $10 million. “Our sales pace has returned to very normal and very healthful levels,” he said. [Palm Beach Daily News]