The Real Deal Miami

Palm Beach home sells twice in three months

The place sold recently sold for $3.36 million over its June 29 selling price
September 27, 2015 05:00PM

240 Banyan Road (Credit: Meghan McCarthy)

A waterfront home in Palm Beach has sold twice in the last three month, in late June for $17.4 million and in mid-September for $20.76 million.

Courthouse records also show that the seller of the modified Georgian-style residence at 240 Banyan Road is a trust with connections to venture capital investor David E. Whetherell and his wife, Elizabeth.

Property records show that the Whetherells have owned a house at a nearby address on El Brillo Road for 11 years.

A deed recorded September 18 with the Palm Beach County Clerk shows that the buyer of the house on Banyan Road is a land trust named after the address of the house. M. Timothy Hanlon, a Palm Beach attorney identified as trustee, declined to comment, the Palm Beach Daily News reported

The Palm Beach property covers three quarters of an acre and has 11,635 square feet of living space, inside and outside, spread across a four-bedroom house and a two-bedroom garage apartment.  The house was built in 1991 in a U-shape configuration with a westward orientation to get the best views of the Intracoastal Waterway.

The Palm Beach Daily News also reported that DEW Revocable Trust (which bears the same initials as those for David E. Whetherell) bought the house for $17.4 million, according to a deed recorded June 29.

The DEW trust bought the house from a life estate affiliated with Mary Jo Condren. Her late husband, private investor William Condren, had purchased the house for $5 million in 1995, four years after it was built.  [Palm Beach Daily News] — Mike Seemuth