Billionaire prices Palm Beach lots at up to $14.5M each
It’s been a year in the works but British insurance mogul Peter Wood, founder of Direct Line and Esure insurance companies, finally subdivided his estate, according to the Palm Beach Daily News.
The 89 Middle Road property borders South County Road at the northeast corner of El Bravo Way. The subdivision splits the former John W. Kluge estate into four parcels of land – a first-of-its-kind subdivision in many years for the Estate Section in Palm Beach, according to the Palm Beach Daily News.
The lots, which span 3.4 acres combined, were purchased for $39 million by the insurance billionaire last year along with an adjacent oceanfront parcel that stretches nearly an acre. That property, at 91 Middle Road is not part of Wood’s subdivision and is on the market separately for $21.9 million.
The largest lot, known as Parcel E, spans 40,150 square feet. The lot, located on the corner of South County Road and El Bravo Way, is priced at about $14.5 million, or $361 per square foot. Parcel B, the second largest, nearer Middle Road, spans 30,268 square feet and is priced at $10.9 million, or $360 per square foot. Parcel C, which spans 21,164 square feet, on the northeast side of the property, is priced at $8.3 million, or $390 per square foot. The smallest lot, Parcel A, spans 17,985 square feet along South County Road and is priced at $6.9 million, or $383 per square foot.
Wood’s original subdivision plan received scrutiny from Palm Beach residents who said his plan for six vacant lots was not in keeping with the character of the historically low-density neighborhood. The landlocked subdivision’s plat for four lots won approval from the Palm Beach Town Council in July, according to the Palm Beach Daily News.
Christian J. Angle of Christian Angle Real Estate is the listing agent. Wood has said he’s unsure whether he plans to sell or develop homes there himself, according to the Palm Beach Daily News. [Palm Beach Daily News] – Amanda Rabines
Source: The Real Deal