Ah, the power of a newly renovated property in Palm Beach.
In January 2020, businessman Richard A. Graciano Jr. and his wife, Debra White Dove Graciano, bought a house at 120 Clarendon Ave. for a price recorded at just under $10 million. The couple then embarked on a substantial update of the residence, which was built in 2001.
And now they have flipped the property for $22.713 million, the price recorded Monday at the Palm Beach County Courthouse.
The buyer was Florida limited liability company named after the property’s address and managed by West Palm Beach attorney Paul Krasker, according to the deed and state business records.
Ah, the power of a newly renovated property in Palm Beach.
In January 2020, businessman Richard A. Graciano Jr. and his wife, Debra White Dove Graciano, bought a house at 120 Clarendon Ave. for a price recorded at just under $10 million. The couple then embarked on a substantial update of the residence, which was built in 2001.
And now they have flipped the property for $22.713 million, the price recorded Monday at the Palm Beach County Courthouse.
The buyer was Florida limited liability company named after the property’s address and managed by West Palm Beach attorney Paul Krasker, according to the deed and state business records.
NewsSocietyShiny ShotsArtsReal Estate NewsLifestyleUSA TODAYObituariesE-Edition
Deed: Palm Beach’s Phipps Estate enclave sees $23-million sale
The deal at 228 Via Las Brisas set a price record among the 20 houses on the two streets in the North End neighborhood. The mansion had been in the same family since it was built in 1996.
Palm Beach Daily News
One of the original residences in Palm Beach’s Phipps Estate enclave has sold for a price recorded at about $23 million the first time 228 Via Las Brisas has changed hands since it was built nearly 25 years ago.
The mansion is the most expensive ever to sell of the 20 houses with addresses on Via Las Brisas and Via Tortuga, the two streets that border a much larger estate at 441 N. Lake Way in the center of the Phipps Estate neighborhood on the North End.
Check off the sale of another new high-end house developed on speculation in Palm Beach.
The sale also testifies to the demand for lakeside properties, especially those with deepwater docks, which have become increasingly scarce of late in the island s grab-and-go real estate market.
In the latest of those deals, developer and builder Malasky Homes has sold, for a reported $19.25 million, a just-completed Bermuda-style house on a lakefront property at 1280 N. Lake Way, about midway between the Palm Beach Country Club and the north tip of the island.
The elevation of the half-acre property affords water views from both floors of the five-bedroom house, which features a covered loggia that looks across the swimming pool and beyond the bike trail to 88 feet on the Intracoastal Waterway. In all, the residence has 7,486 square feet, records show.