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Lakefront lot in Palm Beach goes for $14.1M

Stephen A. Levin sold the second of two lakefront lots where he demolished a 15,103-square-foot home last summer
January 07, 2018 12:15PM

446 North Lake Way (Credit: Darrell Hofheinz | Palm Beach Daily News)

Stephen A. Levin got $14.1 million for one of two lakefront lots in Palm Beach where he demolished a custom-built home last summer.

Software executive William R. McDermott bought the lot for $463 per square foot from Levin, founder of Gold Coast Beverage Distributors, which calls itself the largest beer wholesaler in Florida on its website. Reyes Beverage Group acquired Gold Coast three years ago.

Levin sold the southern lot at 446 North Lake Way to McDermott last week after selling the northern lot for $13.9 million in September to Mark Timothy Inc., a Boca Raton-based luxury home builder.

Levin got about $451 per square foot from Mark Timothy Inc., led by Mark Timothy Pulte, son of the founder of Atlanta-based national home building company Pulte Group.

Levin and his wife, Petra Levin, listed their seven-bedroom, 15,103-square-foot house at 446 North Lake Way for sale in 2013, the same year they bought a bay-front house in Miami from retired New York Yankees baseball player Alex Rodriguez for $30 million.

But after no one paid their $36.5 million asking price, the couple took their Palm Beach house off the market and got a town permit to demolish the house, along with its lakefront swimming pool, pool cabana, guest house and tennis court. [Palm Beach Daily News] — Mike Seemuth