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Palm Beach spec mansion trades for $32M

Palm Beach spec mansion trades for $32M
Mansion replaced 1930s-era home that was demolished by developer
February 11, 2016 03:45PMBy Sean Stewart-Muniz

A May 2015 shot of the spec house at 225 Indian Road under construction

A sprawling waterfront spec mansion in Palm Beach was just sold by its developer for $32 million.
The newly built home, located at 225 Indian Road, sits on an oversized 1.4-acre lot that looks out over the Palm Beach Inlet.
It was built by Palm Beach developer David W. Frisbie of Palm Beach, who regularly builds waterfront mansions on the posh island. County records show he paid $8.825 million for the property at 225 Indian Road in 2013 and promptly razed its five-bedroom, 1930s-era home in favor of his new spec mansion.
Aerial view of the waterfront 1.4-acre lot at 225 Indian Road, plus the Frisbie family’s neighboring home at 219 Indian Road

Through a deed filed Wednesday, Frisbie has sold his newly finished mansion to a limited liability company named after the property’s address. It’s managed by North Palm Beach attorney Curtis Shenkman, who heads the real estate division of law firm DeSantis, Gaskill, Smith & Shenkman. The true buyer, who is unknown, financed the deal with a $15 million loan from Bank of America.
The home measures 12,564 square feet, has a guest home and a newly built dock, according to the Palm Beach Daily News. It was designed by Roger Janssen of Dailey Janssen Architects.
The Frisbie family holds ownership of the neighboring lot at 219 Indian Road, which also houses a newly built mansion.

Source: The Real Deal

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