Billionaire prices Palm Beach lots at up to $14.5M each

The subdivision is a first of its kind in the Estate Section in Palm Beach

Miami /
Aug.August 15, 2017 04:35 PM

It’s been a year in the works but British insurance mogul Peter Wood, founder of Direct Line and Esure insurance companies, finally subdivided his estate, according to the Palm Beach Daily News.

The 89 Middle Road property borders South County Road at the northeast corner of El Bravo Way. The subdivision splits the former John W. Kluge estate into four parcels of land – a first-of-its-kind subdivision in many years for the Estate Section in Palm Beach, according to the Palm Beach Daily News.

The lots, which span 3.4 acres combined, were purchased for $39 million by the insurance billionaire last year along with an adjacent oceanfront parcel that stretches nearly an acre. That property, at 91 Middle Road is not part of Wood’s subdivision and is on the market separately for $21.9 million.

The largest lot, known as Parcel E, spans 40,150 square feet. The lot, located on the corner of South County Road and El Bravo Way, is priced at about $14.5 million, or $361 per square foot. Parcel B, the second largest, nearer Middle Road, spans 30,268 square feet and is priced at $10.9 million, or $360 per square foot. Parcel C, which spans 21,164 square feet, on the northeast side of the property, is priced at $8.3 million, or $390 per square foot. The smallest lot, Parcel A, spans 17,985 square feet along South County Road and is priced at $6.9 million, or $383 per square foot.

Wood’s original subdivision plan received scrutiny from Palm Beach residents who said his plan for six vacant lots was not in keeping with the character of the historically low-density neighborhood. The landlocked subdivision’s plat for four lots won approval from the Palm Beach Town Council in July, according to the Palm Beach Daily News.

Christian J. Angle of Christian Angle Real Estate is the listing agent. Wood has said he’s unsure whether he plans to sell or develop homes there himself, according to the Palm Beach Daily News. [Palm Beach Daily News]Amanda Rabines 


Related Articles

arrow_forward_ios
Todd Glaser with aerial view of 870 South Ocean Boulevard in Palm Beach. (Google Maps, Mary Beth Koeth)

Todd Glaser, partners close on Palm Beach home across from ocean for $13M

Todd Glaser, partners close on Palm Beach home across from ocean for $13M
320 Island Road, Palm Beach (Google Maps)

Payday lender CEO buys Palm Beach house for $26M

Payday lender CEO buys Palm Beach house for $26M
W. Allan Jones & 326 Via Linda, Palm Beach (Wikimedia Commons, Google Maps)

Cash king sells waterfront Palm Beach home for $27M

Cash king sells waterfront Palm Beach home for $27M
535 North County Road (Palm Beach Property Appraiser)

Oceanfront Palm Beach spec mansion hits the market, asking record $140M

Oceanfront Palm Beach spec mansion hits the market, asking record $140M
Judith Ripka Berk and Ronald Berk with 273 Tangier Avenue, Palm Beach (Getty, Google Maps, iStock)

Must be a gem: Luxury jewelry designer Judith Ripka sells Palm Beach home for $13M

Must be a gem: Luxury jewelry designer Judith Ripka sells Palm Beach home for $13M
President Donald Trump with Melania Trump and Mar-a-Lago (Getty)

Florida representative wants Mar-a-Lago shut down following maskless NYE party

Florida representative wants Mar-a-Lago shut down following maskless NYE party
Eduard de Guardiola with 235 Via Vizcaya (Vista Realty, Premier Estate Properties/Realtor)

Atlanta real estate investor sells waterfront Palm Beach house for $18M

Atlanta real estate investor sells waterfront Palm Beach house for $18M
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)

South Florida’s pandemic-fueled residential market poised for bull run in 2021

South Florida’s pandemic-fueled residential market poised for bull run in 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...