Lee Fensterstock sells Palm Beach spec house for $17M
Chicago venture capitalist Alan Sebulsky and his wife, Susan, are the buyers
Local spec developer Lee Fensterstock sold a newly completed house on Palm Beach’s North End for $16.9 million.
Records show Fensterstock’s 240 Mockingbird LLC sold the house at 240 Mockingbird Trail to Alan and Susan Sebulsky. Alan Sebulsky is the founder of Apothecary Capital, a Chicago-based venture capital firm.
Dana and Paulette Koch of the Corcoran Group had the listing, and Christian Angle of Christian Angle Real Estate brought the buyers.
Lee Fensterstock is a local luxury spec developer in Palm Beach. He bought the 0.3-acre Mockingbird Trail home for $4.3 million in 2021, records show. He tore down the existing home and built a 4,500-square-foot, five-bedroom house with five and a half bathrooms and a pool, the listing shows. Property records do not yet reflect the completed construction.
The property includes deeded access to Mockingbird Trail’s beach cabana, a coveted feature of North End homes on the island.
Fensterstock first listed the Mockingbird Trail house for $16 million in October 2021, and bumped the asking price to $17 million in January of last year, Redfin shows.
He sold an extensively renovated non-waterfront home for $13.2 million in April. He has several other spec developments in the works across the island, including projects at 130 Algoma Road, 216 Southland Road, and 125 Via Vizcaya Road. He bought the three properties for a combined $20.9 million over the past two years, records show.
Fensterstock listed 130 Algoma Road for $22 million in February of last year, and listed 216 Southland Road for $17 million in March, Realtor.com shows. Dana and Paulette Koch are the listing agents. Both properties are set to finish construction this winter, Dana Koch confirmed.
Newly built or renovated homes get a premium in Palm Beach, where most luxury buyers are hoping to move in quickly and avoid the headache of managing a construction project, brokers say.
“People are looking for brand new construction, and there isn’t a lot of that. He had the foresight that a lot of other people didn’t,” Koch said of Fensterstock’s multiple spec developments on the island.
Tight inventory and unprecedented demand for luxury Palm Beach real estate has sent prices to new heights in recent years. The most expensive sale on the island so far this year was car dealer Michael Cantanucci’s record $170 million April purchase of an oceanfront estate.