Waterfront Palm Beach mansion fetches $12M

Listing said buyer could tear down home and build new estate

Dec.December 10, 2015 12:00 PM

A pair of long-time Palm Beach residents have sold their lakefront mansion for $12 million, more than four times what they paid for it in the early 1990s.

The home, at 310 Mediterranean Road, sits on a sizable lot at the end of its street. It was first built in 1987 and was purchased by its most recent owners — George and Pauline Michel — a few years later in 1991 for $2.9 million.

They entered into a contract to sell the home in August, according to an article in the Palm Beach Daily News, and the sale closed Tuesday. It has 9,186 square feet both inside and out, so the price breaks down to about $1,306 per square foot. And for land, the 0.6-acre lot sold for around $446 per square foot.

The buyer is a limited liability company called 310 Mediterranean, named after the property’s address. It was registered in Delaware — a state with notoriously opaque public records — so the true buyer is unknown.

The Delaware company financed the deal with an $8.4 million loan from JPMorgan Chase Bank, according to records. Palm Beach attorney Guy Rabideau signed the documents on behalf of the buyer.

Some of the home’s features include a wine room, theater room, sunken bar and roughly 163 feet of water frontage. It has six bedrooms, seven bathrooms and a great room with tall glass windows that look out over the Intracoastal Waterway.

Its listing with Thor Brown of Fite Shavell & Associates calls the property a “boater’s paradise.” But that piece of paradise could look a lot different in the near future: Brown said a buyer could renovate the house, or tear it down and put up a new mansion.

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