Rebuilt residential landmark in Palm Beach sells for $17.68M

Rebuilt residential landmark in Palm Beach sells for $17.68M

Sunday, March 4, 2018

330 Island Road in Palm Beach (Credit: Redfin)

A landmarked waterfront house in Palm Beach once occupied by an heiress to the Standard Oil fortune sold for $17.68 million.

Milan E.A.T. LLC sold the two-story, red-brick house at 330 Island Road after rebuilding it.

The new owner is 330 Island Road Trust, which Palm Beach attorney Robert G. Simses serves as trustee.

The six-bedroom house, located on a half-acre lot with 126 feet of waterfront, has 9,765 square feet of indoor and outdoor living space. Interior features include two fireplaces and an elevator.

Milan E.A.T. LLC listed the house for sale in November 2015 with an asking price of $27.5 million, which the limited liability company subsequently reduced to $19.99 million.

Agents Dana Koch and Paulette Koch of Corcoran Group had the listing. Two agents of Sotheby’s International Realty, Lisa Cregan and Christine Gibbons, represented the trust that bought the house.

The Palm Beach property was built almost 80 years ago for Frances Archobold Hufty and her husband.

She was a granddaughter of John Archolbold, who was one of the founders of Standard Oil. After she died in 2010, her estate sold the house at 330 Island Road in 20111 for $6.9 million to Milan E.A.T. LLC, which subsequently applied to the town government to designate the house as a landmark.

In 2012, the town designated the house as a landmark, which protects the design of its exterior from major alterations, and in 2015, Milan E.A.T. LLC completed a complex reconstruction of the house that involved raising the foundation to comply with regulations for properties in flood plains. [Palm Beach Daily News]Mike Seemuth


Source: The Real Deal