Former Palm Beach councilwoman sells lakefront mansion for $38M

Susan Markin’s 13K sf home was originally listed for $45M in February

Miami /
Oct.October 04, 2021 03:30 PM

Former Palm Beach councilwoman Susan Markin & a view of 1450 North Lake Way (sothebysrealty.com, Getty Images)

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.






    Related Articles

    arrow_forward_ios
    Asdrúbal Cabrera and his his Southwest Ranches mansion (Getty)
    Cincinnati Reds’ Asdrúbal Cabrera sells Southwest Ranches mansion for record price
    Cincinnati Reds’ Asdrúbal Cabrera sells Southwest Ranches mansion for record price
    IRA Capital makes $16M medical office play in Boca Raton
    IRA Capital makes $16M medical office play in Boca Raton
    IRA Capital makes $16M medical office play in Boca Raton
    Billionaire Don Hankey buys Highland Beach mansion for $30M
    Billionaire Don Hankey buys oceanfront Highland Beach mansion for $30M
    Billionaire Don Hankey buys oceanfront Highland Beach mansion for $30M
    AHS Residential’s Ernesto Lopes and AEW Capital Management CEO Jeff Furber (AHS, AEW, Grand Peaks)
    AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
    AEW buys multifamily near West Palm, in southern Miami-Dade from AHS for $123M
    2714 Sheltingham Drive with Fred and Lora Jean Drasner (Berkshire Hathaway)
    Former New York Daily News co-owner buys Wellington mansion for $5M
    Former New York Daily News co-owner buys Wellington mansion for $5M
    South Florida’s industrial market continues pandemic momentum in Q3
    South Florida’s industrial market continues pandemic momentum in Q3
    South Florida’s industrial market continues pandemic momentum in Q3
    Home sweet home: Sugar baron Alexander Fanjul buys Jupiter house for $5M
    Home sweet home: Sugar baron Alexander Fanjul buys Jupiter house for $5M
    Home sweet home: Sugar baron Alexander Fanjul buys Jupiter house for $5M
    Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
    Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
    Wheelock pays $106M for The Ben hotel near downtown West Palm Beach
    arrow_forward_ios

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

    Loading...