Builder with ties to Trump asks $44.5M for spec home on Palm Beach island

Schottenstein Real Estate is building the 13,100-square-foot home on Everglades Island after struggling to win approval from the Palm Beach Architectural Commission

TRD MIAMI /
Dec.December 15, 2018 03:25 PM

A family business with ties to President Trump listed a spec home about two miles from Trump’s Mar-A-Lago Club in Palm Beach with a $44.5 million asking price.

Chris Deitz of William Raveis Real Estate is the listing agent for the island home that Columbus Ohio-based Schottenstein Real Estate Group is building without a buyer.

Schottenstein Real Estate paid $12.15 million in 2016 for the home-construction site at 520 Island Drive on Everglades Island, located in the Intracoastal Waterway just off the main island of Palm Beach.

Corey Schottenstein, a partner of Schottenstein Real Estate, told the Wall Street Journal that proximity to the president’s Mar-A-Lago resort may be “an extra attraction” to the 13,100-square-foot home, the largest ever built on Everglades Island.

Schottenstein also told the Journal that he and his brother Brian served during the 2016 presidential election as electors from the state of Ohio at the request of the Trump campaign. Schottenstein said his family knows President Trump personally and his parents are club members at Mar-A-Lago.

Schottenstein Real Estate is still in the construction phase of its six-bedroom spec home project on about an acre of land spanning Everglades Island, with docks planned on each side.

The home will feature a temperature-controlled wine room, a gym with a wall made of living moss, a terrace on the roof and a swimming pool that curves around the rear of the house.

The new-home project advanced after three attempts to win approval from the Palm Beach town government’s Architectural Commission.

Modern homes built on speculation are rare in Palm Beach, Schottenstein said in an interview with the Journal, and for buyers in that market, his company has wanted to be “one of the only games in town.” [Wall Street Journal]Mike Seemuth  


Related Articles

arrow_forward_ios
Doug and Karin Waggoner with the property at 137 Woodbridge Road (Credit: Google Maps and Southern Methodist University)

Former BlackRock exec pays $9M for Palm Beach house with Mar-a-Lago membership included

Former BlackRock exec pays $9M for Palm Beach house with Mar-a-Lago membership included
South Florida Resi Contracts Up in July (Credit: iStock)

South Florida resi contracts continued to rise in July

South Florida resi contracts continued to rise in July
350 Indian Road and (inset) Frank H. Kenan (Realtor, Kenan Institute)

Scion of Kenan family sells Palm Beach mansion for $8M

Scion of Kenan family sells Palm Beach mansion for $8M
113 Clarke Avenue, Peter J. Wood, Edwin Lin (Realtor.com)

Citadel hedge fund exec buys Palm Beach home for $10M

Citadel hedge fund exec buys Palm Beach home for $10M
Schuyler Tilney and 222 Ridgeview Drive (Linkedin, Sotheby's)

Got the power: Energy investor and former Enron exec pay $7M for Palm Beach house

Got the power: Energy investor and former Enron exec pay $7M for Palm Beach house
1744 South Ocean Boulevard (Credit: Google Maps and iStock)

Oceanfront Palm Beach estate trades for $51M

Oceanfront Palm Beach estate trades for $51M
Rendering of 259 Pendleton Ave. with Jonathan Fryd, Todd Glaser and Scott Robins (Glaser by Mary Beth Koeth)

Todd Glaser, partners buy Palm Beach lot to build spec home

Todd Glaser, partners buy Palm Beach lot to build spec home
920 North Lake Way, Jeffrey Marcus of Marcus Cable, and Patrick Ryan of Press Ganey (Credit: Google Maps)

Cable mogul buys waterfront Palm Beach home for $16M

Cable mogul buys waterfront Palm Beach home for $16M
arrow_forward_ios

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

Loading...