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Broadway producer’s waterfront home in Palm Beach sells for $13M

House hit the market for $20M shortly after Jimmy Nederlander's death in July 2016
By Amanda Rabines | September 01, 2017 03:30PM

822 South County Road Inset: James and Charlene Nederlander

The late long-time Broadway titan James “Jimmy” Nederlander and his wife Charlene just sold their waterfront, Palm Beach home for $13.1 million, property records show.

The 8,970-square-foot house at 822 South County Road traded for about $1,460 per square foot. Records show the buyer is West Palm Beach-based company, M&M Palm Beach Property Investors, managed by Kochman & Ziska. The firm is known for representing high-net-worth clients in South Florida.

Records show the Nederlanders bought the house in 2010 for $13.5 million, meaning it sold at a slight loss. Charlene Nederlander’s daughter, Kristina Gustafson, with Southfields Real Estate, had the listing.

Jimmy Nederlander, who once headed the major Broadway theater owner Nederlander Organization, produced the original Broadway runs of the musicals “La Cage aux Folles” and “Nine.” He passed away in July 2016 at the age of 94. The house hit the market about the same time for $20 million, according to Redfin. It sold at a 34.5 percent discount off its original asking price.

The five-bedroom, six-and-a-half-bathroom home was built in 1940, records show. It sits on a 0.75-acre lot and includes a two-bedroom guest home with its own pool, one of two on the property. The Georgian-style house was designed by famed architect Maurice Fatio. Features include floor-to-ceiling windows, wood floors, a pool and 100 feet of water frontage.

The town granted the house landmark protection in 1990, according to the Palm Beach Daily News.

Palm Beach homes are known for fetching big price tags. Just this week, hedge funder Dan Floersheimer, president of Greenwich, Connecticut-based Augmentum Advisors, paid $8.75 million for a Palm Beach home at 125 Chateaux Drive.