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

The home sold for $3,141 psf

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.

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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.