Matheson trust sells property to Spearmint Rhino

Company linked to gentleman's club chain pays $12M for West Palm site

Oct.October 15, 2014 03:25 PM

A company tied to prominent gentleman’s club chain Spearmint Rhino acquired the site of its West Palm Beach venue from a trust linked to Miami’s Matheson family for $12 million, The Real Deal has learned.

The Finlay Brooks Matheson Trust sold the 2154-2190 Zip Code Place property to 2154 Zip Code Property LLC in a transaction recorded on Tuesday, according to Palm Beach County records. It paid about $3.8 million for the site in April 2000. The 8.1-acre parcel is located northeast of Okeechobee Boulevard and North Military Trail.

State corporate records show the buying company shares a Norco, Calif. mailing address with Spearmint Rhino Consulting Worldwide. The company received a $10.5 million loan from Miami-based Zip Code Mortgage LLC as part of the transaction. The loan matures in November 2022.

Led by patriarch William J. Matheson, the Matheson family was instrumental in the development of Key Biscayne.

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