The Real Deal Miami

Palm Beach home sells for $11.5M

Buyer of 88-year-old residence gets $11 million loan
July 21, 2014 12:00PM

Aerial of 196 Via Del Mar

Aerial of 196 Via Del Mar

The Palm Beach high-end housing market’s busy summer continued with the $11.5 million sale of an 88-year-old mansion in the town.

Margaret Bilotti sold the 196 Via Del Mar residence in a transaction recorded on Friday, according to Palm Beach County records. Bilotti owned the 1.2-acre property for 19 years before last week’s sale. A seven-bedroom, 10,000-square-foot home is located on the parcel.

Christopher and Tara Vecellio are the buyers. In a sign of a potential addition to – or future replacement of – the existing house, the couple obtained an $11 million loan from United Bank. The mortgage matures in July 2045.

Other expensive Palm Beach residential deals recorded last week include billionaire Bruce Halle’s $23.2 million sale of an oceanfront mansion at 1075 North Ocean Boulevard to Jeffrey Marcus, who sold his 240 Clarke Avenue residence for $13 million the week before. — Eric Kalis