Trust of taxi magnate’s wife picks up waterfront Palm Beach home for $13M

The home sold for $3,141 psf

Miami /
May.May 20, 2020 10:30 AM
1120 North Lake Way (Credit: Google Maps)

1120 North Lake Way (Credit: Google Maps)

A trust in the name of the wife of a Washington, D.C. taxi magnate paid $12.7 million for a waterfront Palm Beach home.

The trust of Edith Schaeffer bought the 4,043-square-foot house at 1120 North Lake Way from 1120 North Lake Way LLC, tied to Paula Butler of Orangeburg, New York. The price equates to $3,141 per square foot.

The property spans more than half an acre of land and has 100 feet of water frontage. It also has a new deepwater dock and seawall. The four-bedroom, four-bathroom home features a refinished pool and spa, according to Realtor.com.

Built in 1976, the house last sold for $12.7 million in 2015, records show.

Maureen Woodward with Brown Harris Stevens of Palm Beach represented the seller. Linda A. Gary with Linda A. Gary Real Estate represented the buyer.

Edith Schaeffer’s husband, Gerald “Jerry” Schaeffer, owns taxi companies and taxi insurance companies throughout Washington, D.C.

Coronavirus does not seem to be slowing down sales in the ultra wealthy town of Palm Beach. In May, luxury homebuilder Mark Pulte sold a lakefront estate at 446 North Lake Way for $33.2 million. Also in May, the trust of the late business mogul Morton Mandel sold his Palm Beach estate at 1063 North Ocean Boulevard for $25.4 million.


Related Articles

arrow_forward_ios
Alec Scheiner, former Cleveland Browns president, with 249 Sandpiper Drive in Palm Beach (RedBird Capital, Sotheby's International Realty)
Ex-Cleveland Browns president scores Palm Beach home
Ex-Cleveland Browns president scores Palm Beach home
Q2’s largest retail transaction: Regal Acquisitions’ $34 purchase of CVS-anchored retail at Boulan South Beach hotel (Google Maps)
South Florida’s retail market slowly emerges from pandemic woes in Q2
South Florida’s retail market slowly emerges from pandemic woes in Q2
Does it come with a home theater? IMAX director buys oceanfront Palm Beach house for $29M
Does it come with a home theater? IMAX director buys oceanfront Palm Beach house for $29M
Does it come with a home theater? IMAX director buys oceanfront Palm Beach house for $29M
Thomas Iovino and the Palm Beach property (Iovino via LinkedIn, Brown Harris Stevens via Realtor)
Construction chief buys flipped Palm Beach spec mansion for $18M
Construction chief buys flipped Palm Beach spec mansion for $18M
Tommy Hilfiger and his wife Dee Ocleppo Hilfiger with the Palm Beach location (Google Maps, Getty)
Tommy Hilfiger and wife drop $46M on third Palm Beach real estate purchase this year
Tommy Hilfiger and wife drop $46M on third Palm Beach real estate purchase this year
Todd Michael Glaser with 10 Tarpon Isle (Todd Michael Glaser)
Spec home developer Todd Glaser, partners buy entire Tarpon Island in Palm Beach for $85M
Spec home developer Todd Glaser, partners buy entire Tarpon Island in Palm Beach for $85M
Moving on up: Wealth manager upgrades to $15M Palm Beach home
Moving on up: Wealth manager upgrades to $15M Palm Beach home
Moving on up: Wealth manager upgrades to $15M Palm Beach home
David Salomon and 229 Ridgeview Drive, Palm Beach (Google Maps)
Wealth manager sells Palm Beach house for $9M
Wealth manager sells Palm Beach house for $9M
arrow_forward_ios

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

Loading...