Trust pays record $49M for Palm Beach spec manse

Beachfront estate was on the market for $59M

Feb.February 02, 2017 02:15 PM

101 Indian Road. Inset: Real estate agents Cristina Condon and Christian Angle

Updated, 3:25 p.m., Feb. 2: A land trust paid $49 million for newly completed Palm Beach estate, marking the most expensive home to trade in more than a year in Palm Beach County, and the priciest spec house to sell in the county’s history. 

Records show 101 Indian Road LLC, a company led by developer Robert G. Fessler, David G. Fessler, Lawrence E. Grogan and Robert W. Fessler, sold the 1.5-acre property at 101 Indian Road to Michael Resnick as a trustee of the Indian Road Land Trust. The trust financed the deal with a $29.4 million mortgage from JPMorgan Chase.

The 18,300-square-foot British Colonial-style home was designed by Smith and Moore Architects and includes eight bathrooms and 12 full bathrooms. It features a guest house, cabana, wine cellar, movie theater, gym, sauna and steam room, four fireplaces, a six-car garage and 142 feet of ocean frontage. Together with the beach, the property totals about 3.5 acres.

The developer paid $14.35 million for the parcel in 2012, knocked the former home down about a year later, and broke ground on the new house in 2015, records show. It hit the market for $55 million in February of last year, and the owner bumped the price up to $59 million in March, according to the MLS. But it ultimately sold for a nearly 17 percent discount off its last asking price.

The sale price breaks down to about $2,678 per square foot.

Cristina Condon of Sotheby’s International Realty represented the seller, and Christian Angle of Christian Angle Real Estate represented the buyer. Condon declined to comment, and Angle was unavailable.

According to a list compiled by The Real Deal, the sale marks the most expensive home in Palm Beach County to trade hands in more than a year. The house at 1695 North Ocean Way, sold for $43.7 million in March 2016, is the second priciest.

Since January 2016, here are the most expensive home sales in Palm Beach County:

  1. Sale price: $43.7 million | Address: 1695 North Ocean Way, Palm Beach
  2. Sale price: $39 million | Address: 89 Middle Road, Palm Beach
  3. Sale price: $37 million | Address: 6 Ocean Lane, Palm Beach
  4. Sale price: $34 million | Address: 921 South Ocean Boulevard, Delray Beach
  5. Sale price: $28.2 million | Address: 1400 South Ocean Boulevard, Manalapan

The Real Deal researcher Eda Kouch contributed to this report.

An earlier version of this story identified the property’s square footage as 28,500, which includes the terrace space. The interior square footage is 18,300. 

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