New owner trying to flip Palm Beach home

Buyer pays $6.6 million for three-bedroom home, lists it for $7.25 million

Feb.February 21, 2016 11:00 AM

The buyer of a three-bedroom house in Palm Beach for $6.6 million immediately listed the property for sale with an asking price of $7.25 million.

Gary Pohrer of K2 Realty listed the house at 1430 North Ocean Boulevard on February 15, four days after the new owner bought the property in an off-market transaction February 11.

Pohrer’s listing markets the 3,103-square-foot residence as the least expensive waterfront home  in Palm Beach’s North End neighborhood.

The Palm Beach Daily News reported that the new owner of the house is a limited liability company based in Delaware, North End Holdings LLC.

Franchesca McGann and her husband Kevin D. McGann sold the house February 11 to North End Holdings for $6.6 million. They had paid $2 million for the Palm Beach property in 2010.

The renovated, 1950s-era house was built on a lot measuring a third of an acre, including a narrow beach parcel with a wooden deck across North Ocean Boulevard.

The house has a modern kitchen, an open floor plan, large windows and floors made of stone and hardwood.

But the next owner may prefer to raze the house and build  a new one, Pohrer told the Palm Beach Daily News.

“It’s a beach bungalow that’s perfectly livable,” he told the newspaper. “Some people might think about knocking it down, but that’s just where we are right now.” [Palm Beach Daily News] — Mike Seemuth

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