Mark Pulte pays $14M for waterfront lot in Palm Beach

Over the summer, Levin tore down the mansion and split the lot into two separate parcels

446 North Lake Way (Credit: Google Maps)
446 North Lake Way (Credit: Google Maps)

Luxury home developer Mark Timothy Inc. and Stephen Levin, the founder of Gold Coast Beverage Distributors, one of South Florida’s largest beverage wholesalers, now have a reason to toast.

Property records show an entity managed by Mark Timothy’s Mark Pulte paid about $13.9 million for one of Levin’s lots, the site of his former 15,100-square-foot mansion at 446 North Lake Way.

The beverage tycoon paid $3 million for the property in 1990 and built the home in 1992. He listed the mansion in May 2013 for $36.5 million, according to Redfin. Three years later, Levin tore down his seven-bedroom mansion and split the lot into two separate parcels, according to the Palm Beach Daily News.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Pulte bought the lot towards the north end, which spans about 30,925 square feet. The trade breaks down to about $450 per square foot. Pulte was not immediately available for comment.

Pulte’s spec homes have been sold to celebrities and CEOs such as the late former-Fox News head Roger Ailes and Tony Robbins. In April, Pulte sold the spec home at 1330 South Ocean Boulevard to an offshore buyer for $31.59 million.

Last month Stephen and his wife Petra Levin paid $11.3 million for a neighboring waterfront home on Miami’s North Bay Road. They had bought Major League Baseball player Alex Rodriguez’s mansion at 4358 North Bay Road for a record $30 million in 2013.