A former Palm Beach councilwoman who lost money investing with Bernie Madoff sold her lavish lakefront estate for $37.8 million, roughly $7 million below its listing price.
1450 North Lake Way Trust, whose trustee is Maura Ziska, bought the 13,449-square-foot mansion, according to records. The buyer took out a $23.9 million mortgage with DB Private Wealth Mortgage Ltd.
Susan Markin, who served on the Palm Beach Town Council for three years until 2008, is the seller. The 0.7-acre-property at 1450 North Lake Way was listed for $45 million in February, according to Zillow. It went under contract in August.
Bradford Miller and Pamela Miller of Bradford P Miller Real Estate represented Markin, and Lisa Cregan with Sotheby’s International Realty represented the buyer.
Markin paid $11.1 million in 2004 for the compound, which consists of three Mediterranean-style houses with a total of nine bedrooms, nine bathrooms and three half-bathrooms. Originally built in 1940, the property has gone through several extensive renovations throughout the years, according to records.
The estate features tropical garden-style landscaping and 159 feet of direct Intracoastal Waterway frontage, according to the Zillow listing.
In 2002, Markin was the beneficiary of one of the largest divorce settlements in Palm Beach County history when she split with her then-husband, taxi manufacturing company mogul David Markin, according to news reports. A judge ruled she was entitled to half of his $106 million in marital assets.
In 2009, Markin sued her accountants, alleging they were negligent when they advised her to invest $5 million with Madoff, the disgraced New York financier who was convicted in connection with a $65 billion Ponzi scheme, the largest in history. Madoff died in April.
Her accountants recommended she place her money with Madoff as a way to increase her profits in 2005, according to press reports. She lost it when Madoff’s scheme was exposed by the feds.
The Palm Beach market remains hot for waterfront mansions. Last week, a trust tied to venture capitalist David Skok paid $25.8 million for a waterfront lot at 360 El Brillo Way that had belonged to convicted the late sex offender and financier Jeffrey Epstein. The seller, spec home developer Todd Michael Glaser, tore down Epstein’s house where he allegedly sexually abused dozens of young girls.
Last month, hedge fund manager Jason Capello bought a mansion at 1404 North Lake Way, near Markin’s compound, for $30.7 million. In August, North Carolina-based tech executive Kames Sankey paid spec home builder BGS Development $14.7 million for a vacant lot at 125 El Bravo Way. The property is approved for a 10,000-square-foot mansion.