The Real Deal Miami

Waterfront Palm Beach home trades for $11.6M

Two-story, five-bedroom Everglades Island residence acquired by trust
June 17, 2014 12:45PM

575 Island Drive

575 Island Drive

A waterfront home on Everglades Island in Palm Beach changed hands for $11.6 million, The Real Deal has learned.

Jeffrey and Martha Libert owned 50 percent of the 575 Island Drive property, with the other 50 percent owned by a family trust, before selling the five-bedroom house in a transaction recorded on Monday, according to Palm Beach County records. They paid $9.7 million in June 2012 for the 5,600-square-foot residence. The two-story home was constructed in 2009.

Kurt Steinkrauss acted as trustee for the buyer, the 575 Island Drive trust. No financing was recorded.

The property includes a swimming pool, dock and direct access to the Intracoastal Waterway. — Eric Kalis