Rent-to-own franchisee opts to buy Palm Beach home

Non-waterfront home sold for $8.15M, or about $1,500 psf

May.May 02, 2019 05:30 PM
412 Australian Avenue (Credit: Redfin)

412 Australian Avenue (Credit: Redfin)

The family that controls the largest franchisee of Aaron’s rent-to-own stores paid $8.15 million for a non-waterfront home in Palm Beach, property records show.

Alina Porter sold the five-bedroom, 5,296-square-foot house at 412 Australian Avenue to the trust of Charles A. Smithgall IV, managed by trustees Ray Simmons and Thomas Beard, for $1,539 per foot. Simmons is president of the Smithgall family office, according to his LinkedIn profile. The family is the largest franchisee of Aaron’s Inc., a major rent-to-own retailer.

412 Australian Avenue (Credit: Redfin)

412 Australian Avenue (Credit: Redfin)

Porter owned the Palm Beach property with her late husband, Herbert. He owned a printing press company, Howard Press, which he sold in the late 1990’s.

According to property records, the Porters paid $3.7 million for the house in 2004. The Mediterranean-style home was built a year earlier with high ceilings, intricate moldings, fireplaces, and a winding staircase. The property includes a pool, two-car garage and a gated entrance.

412 Australian Avenue (Credit: Redfin)

412 Australian Avenue (Credit: Redfin)

Carole Koeppel of Sotheby’s International Realty represented the seller, and Ann Summers of Brown Harris Stevens of Palm Beach brought the buyer, according to Redfin.

Non-waterfront homes in the town of Palm Beach are known to fetch high prices. In April, former magazine publisher and widow of the prominent Boston restaurateur Charlie Sarkis paid $7.4 million for a house at 171 Dunbar Road.

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