A pair of Palm Beach real estate investors just flipped, for $11 million, a North End house their company bought in December for $7 million, according to the prices recorded at the courthouse.
A Florida limited liability company sold the house — built in 1965 — at 216 Tradewind Drive in an off-market deal recorded Friday. The company is associated with Richard True and David G. Lambert, who have each developed and sold houses in Palm Beach.
Palm Beach Gardens-based Sabatello Cos. will build a new house on speculation on the property to replace the one that just changed hands, company President Carl Sabatello said Monday.
“We are still in the design phase,” he added.
Palm Beach’s booming real estate market lately has resulted in a tight market for buildable land. Amid escalating prices, developers are facing stiff competition for available properties, real estate observers say.
The two-story house that just sold has six bedrooms with 8,013 square feet of living space, inside and out, including a two-car garage, property records show. Its amenities include a cabana, a summer kitchen and a 20-by-40-foot pool with a travertine deck, according to a story in the Palm Beach Daily News.
The house stands on a lot of a little less than half an acre, three streets north of the Palm Beach Country Club.
Corcoran Group agent Bill Yahn handled the sale, he confirmed before declining further comment.
True and Lambert sold the house through DGLPB LLC, a name that includes Lambert’s initials. That company bought the property via a deed dated Dec. 31 from attorney Lorie M. Gleim and her husband, Dr. Steven M. Fuhr. Gleim and Fuhr had owned it since 2012, when they paid $2.84 million for it.
In February, the Architectural Commission reviewed plans for a house designed for the lot by architect Kevin Asbacher. The board wasn’t satisfied with the design, asked for changes and deferred the project, first to its March meeting and then once more to its April one. But the design wasn’t reviewed at last week’s meeting after True and Lambert’s company asked for a deferral.
The deed recorded this week lists the buyer as accountant Michael S. Kehoe, acting as trustee of the 216 Tradewind Trust, a Florida land trust, with an address in care of the Gunster law firm in West Palm Beach.
Lambert is a private investor and a former partner at Goldman Sachs investment bank. True is an agent at the Corcoran Group who also heads his own real estate investment firm, Cushing Investments Inc.
West Palm Beach attorney Maura Ziska signed the deed on behalf of the seller as manager of DGLPB LLC.
Sabatello has built houses on speculation and custom homes in Palm Beach. In April, an ownership company he manages paid a recorded $13.9 million for a 1950s-era lakeside house at 584 Island Road on Everglades Island. A new one to be developed on speculation is planned for the lot, Sabatello said. Yahn acted on behalf of Sabatello in the off-market sale on Island Road opposite broker Linda Olsson of Linda R. Olsson Inc., Realtor.
This is a developing story. Check back for updates.