The Real Deal Miami

Waterfront spec home on Palm Beach’s Billionaire’s Row sells for $33M

The sale comes a week after Steve Wynn sold the lot next door
By Keith Larsen | July 13, 2018 02:30PM

1340 South Ocean Boulevard in Palm Beach

A spec home on Billionaire’s Row in Palm Beach just sold for $32.5 million to a family trust, a week after billionaire Steve Wynn sold his lot next door.

Mark Timothy Inc., a South Florida luxury home builder, sold the 14,434-square-foot waterfront estate at 1340 South Ocean Boulevard to the Greene Family Trust for $2,251 per square foot. The trust lists its attorney as Oren D. Leiber in Miami, and is dated June 19. It was unclear who is behind the trust.

Florida gubernatorial candidate and real estate developer Jeff Greene, who has the same last name tied to the trust and also owns a home on South Ocean Boulevard, told The Real Deal he didn’t purchase the home.

Mark Timothy Inc. is led by Mark Pulte, son of the founder of Pulte Homes. The South Ocean Boulevard home was built in 2016 on a vacant lot purchased in 2014 for $13.4 million. The two-story estate has eight bedrooms and 11 bathrooms and pool. It was previously listed in 2016 for $42.5 million.

The seller was represented by Lawrence Moens of Lawrence A. Moens Associates, while the buyer was represented by Dana Koch and Paulette Koch of the Corcoran Group.

Dana Koch declined to comment on the buyer, citing a confidentiality agreement he signed. Moens could not immediately be reached for comment.

Last week, casino resort developer Steve Wynn sold the neighboring lot at 1350 South Ocean Boulevard for $20.27 million. The property sold for 23 percent less than original asking price. Wynn resigned this year as chairman and CEO of Las Vegas-based Wynn Resorts amid allegations that he sexually assaulted employees of the company.

Pulte’s spec homes have been sold to celebrities and CEOs such as the late former-Fox News head Roger Ailes and Tony Robbins. Some of the wealthiest people in the country have homes on Billionaires Row including hedge fund manage Ken Griffin and Paul Tudor Jones.