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Auto parts CEO sells waterfront Palm Beach lot for $8.6M

Buyer plans to build a two-story home on the waterfront lot
By Amanda Rabines | July 18, 2017 02:20PM

671 Island Drive. Inset: listing agent Cristina Condon

Auto parts CEO Alfred J. Fisher III and his wife Barbara Fisher just sold their waterfront vacant lot in Palm Beach for $8.6 million to a financial executive who plans to build a two-story home.

Property records show Roger K. Taylor, founder of the New York-based Financial Guaranty Insurance Company, is the buyer. He paid about $534 per square foot for the 16,117-square-foot lot at 671 Island Drive, where Taylor and his wife Roxann secured approval last month to build a modern, two-story home, according to the Palm Beach Daily News.

Fisher heads Fisher and Co., a manufacturer of seating-systems and mechanisms for the automotive industry. The Fishers paid $1.75 million in 1993 for the property in separate trusts, records show.

Cristina Condon of Sotheby’s International Realty represented the sellers. She could not immediately be reached for comment. Dana Koch and Paulette Koch of the Corcoran Group represented the buyers, according to the Palm Beach Daily News.

The lot has been on and off the market since 2015, according to Realtor.com. It hit the market in 2015 for $8.95 million, which means it sold $350,000 less than its asking price.

In May, a nearby vacant lakeside lot in Palm Beach sold for $5 million, or nearly $330 per square foot.