Ecclestone Palm Beach spec home sells to philanthropist for $11.7M

The home sold at a 7.8 percent discount off its listing price

304 Garden Road Inset: Suzanne Frisbie and Allison Wren
304 Garden Road Inset: Suzanne Frisbie and Allison Wren

A Palm Beach home developed by luxury homebuilder E. Llwyd Ecclestone III just sold to philanthropist Julie Fisher Cummings for $11.75 million, property records show.

Fisher bought the 9,100-square-foot home at 304 Garden Road Property under a trust listed in her name. The sale breaks down to about $1,291 per square foot.

It was listed for $12.75 million two days ago on Zillow, meaning it sold for a 7.8 percent discount. Corcoran Group’s Suzanne Frisbie and Allison Wren were the listing agents.

Fisher comes from a long family line of philanthropy. Her parents ran the Max M. & Marjorie S. Fisher Foundation, named after them, where Julie now serves as its vice chairwoman. She is also the presidential appointee of the Corporation for National and Community Service, which is just one of the many charitable activities she helps run.

Ecclestone III, son of PGA National’s developer John Ecclestone, completed the house this year, according to online listings. Records show he bought the home under the Palm Beach-based entity PB Housing Investment LLC for $4.7 million in 2015.

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The home sits on a half-acre lot and features a library, a formal dining room, a custom wine room, a three-car garage and an equipped kitchen with a butler’s pantry. Outside there are two Banyan trees, a loggia and a pool that stretches 60 feet lengthwise, according to the listing.

This is the second sale in less than two weeks for homes along Garden Road. Beer industry heir Peter Busch Orthwein bought a neighboring 5,500-square-foot home at 202 Garden Road for $5.7 million or $1,042 per square foot.

Earlier in the month a larger oceanfront house at 1565 North Ocean Way in Palm Beach was sold by billionaire George Lindemann and his wife Frayda for $25.2 million – 21 percent below the asking price. Records show, the Lindemanns bought the 3.4-acre property in 2008 for $23.5 million.

Palm Beach County saw an increase in residential sales volume last month, according to the Realtors Association of the Palm Beaches. Residential sales rose 5.8 percent to 3,188 from 3,012 the previous year.