Palm Beach lakeside house brings $12.15M; new spec home planned
An Ohio developer with ties to Palm Beach plans to build a new ultra-luxury home at 520 Island Drive to replace one the company just bought for about $12 million, the price recorded today with the deed.
Sold privately, the four-bedroom house built in 1955 stands on nearly an acre at the north end of Everglades Island. With waterfront on two sides, the property changed hands for the value of its land, said Corey Schottenstein, whose family’s Columbus-based real-estate development company bought it.
“I’ve never even been inside the house,” Schottenstein said. “We’re going to build a custom home, most likely built on spec.”
He declined to specify a proposed price for the 16,000-square-foot project, but said it would be comparable to other new lakefront spec houses built recently in Palm Beach. Those have sold for more than $25 million. Plans for the Schottensteins’ house have not yet been submitted to the town, he said.
With about 7,500 square feet of living space, inside and out, the 1955 house that just sold was owned by the late Kamila F. Remington, who died last July at 87. Born in the former Czechoslovakia, she had ties to Philadelphia but was a 35-year resident of Palm Beach. Her husband was the late businessman George C.T. Remington.
Preliminary information posted today on the Palm Beach County Clerk’s website attaches the name of Remington’s daughter, Linda Daireaux, to the deed. The price recorded at $12.15 million.
Agent Chris Deitz of The Fite Group, who has represented the Shottenstein family in other Palm Beach transactions, said he orchestrated both sides of the sale.
Water on two sides
The property is a rarity on Everglades Island, one of just a handful with uninterrupted water views on two sides. On its west side, it looks across Island Drive to the Lake Worth Lagoon and West Palm Beach. On the east, it fronts the channel between the island and the Everglades Golf Course.
Schottenstein is affiliated with Schottenstein Real Estate Group of Columbus. His father, Gary Schottenstein, founded the company, which specializes in developing residential, multi-family and mixed-use projects.
The Schottenstein family has spent time in Palm Beach for 25 years and is finishing up construction on a house Gary and Terri Schottenstein built at 270 El Bravo Way. The couple bought that property in March 2013 for a recorded $9 million.
That project inspired the family to develop a house to be sold on the open market in Palm Beach, and they asked Deitz to help them search for a site, said Corey Schottenstein, whose brother, Brian, also works for the company. The firm is developing its first South Florida multi-family project, a 124-unit apartment complex near The Gardens Mall in Palm Beach Gardens.
Townhouse under contract
To be designed by Roger Janssen of Dailey-Janssen Architects, the Everglades Island house is being planned with seven bedrooms “in a unique plan,” Corey Schottenstein said. Its architectural style hasn’t yet been finalized.
Its amenities will include two docks — one on each side of the property. Also under discussion, he added, is a courtyard floor plan and “a gym the size of a three-car garage” with spa-like features that include a sauna and steam room. The house will have two swimming pools, including one that wraps around three sides of an outdoor loggia, he said.
When they bought the property for their new home on El Bravo Way three years ago from the Fiverson family, the Schottensteins were represented by Deitz, who acted opposite listing agents Paulette Koch and Dana Koch of the Corcoran Group.
The couple also owns a five-bedroom townhouse at 164 Sunset Ave., which they have homesteaded in Palm Beach County’s tax rolls. Listed by Deitz at $5.2 million, that residence is under contract, according to the local multiple listing service. The Schottensteins paid $3.5 million for it in late 2004, property records show.
Everglades Island has become a hot spot for redevelopment over the past few years. Among the projects under construction is a new spec home designed by Janssen on the tip of the island, three houses north of the Schottenstein’s property at 488 Island Drive. With five bedrooms on a lot half the size of the one that just sold, the house is being developed by Malasky Homes and marketed at $28.9 million by Christian Angle of Christian Angle Real Estate. The land was vacant when it sold for $8.37 million about a year ago.
Meanwhile, at the opposite end of Everglades Island, a vacant lot measuring nearly an acre at 757 Island Drive sold in in early February for $18.14 million. In an off-market deal brokered by Lawrence Moens of Lawrence A. Moens Associates, Thomas A. Tisbo sold the land to a revocable trust. So far, there’s been no word about what might be built on the site at the southwest tip of the island.
View entire article on the Palm Beach Daily News website.