Former Kluge Lot Sells for $8.96 Million

Former Kluge Lot Sells for $8.96 Million

Recently, a lot from the estate of late Palm Beach billionaire John Kluge sold for $8.94 million.  The vacant parcel at 86 Middle Road is the fourth of six subdivided from Kluge’s original 4.3-acre estate.

The Kluge Property

In 2016, Kluge’s estate, La Casa Sin Nombre or “The House with No Name,” sold after remaining on the market for almost five years. The expansive 4.3-acre property consisted of several parcels that Kluge had acquired during the early-to-mid 1900s along Middle Road and El Bravo Way.

Kluge left the estate to his alma mater Columbia University. The property passed to the school in 2010, upon Kluge’s death, and was listed for sale in May of 2011. The university chose to sell the original parcel intact rather than subdividing. The property was originally priced at $59 million but sold for a reported $39 million. Had Columbia broken unity of title and subdivided it into smaller properties, it might have had an easier time marketing the land to real estate investors. Instead, the parcel remained whole and without a buyer until 2016 when Sir Peter Wood, a British insurance magnate, turned real estate developer, made an offer. Wood developed an interest in the Kluge estate while subdividing other properties in connection with a home he was building for himself in the area.

Wood bought the estate, which came with 150 feet of oceanfront, two vintage houses, and three significant outbuildings. One of the property’s homes was designated as a landmark because famed local architect Addison Mizner designed it. Mizner’s “Audita” is a 5,541-square-foot Mediterranean-style oceanfront home that was created in 1921 for Standard Oil heiress Elizabeth Kay and her husband, Alfred. He purchased the Kluge property intending to subdivide the parcel into up to six separate tracts. After the sale, Wood partitioned off Audita and cleared the remaining area. In 2017, the developer proceeded to get permission from the town to subdivide the remaining properties. In 2018, Wood sold Audita, and since then, the historic property has undergone a massive expansion and restoration project.

Wood went on to subdivide the Kluge property into five remaining lots. Recently, the fourth of the six sold for $8.964 million. The lot is located to the west off the cul-de-sac that terminates Middle Road. The lot also stretches south into the subdivision. The vacant property at 86 Middle Road is seven-tenths of an acre.

David E. Klein, Esq. and Guy Rabideau, Esq. are Florida Bar Board-Certified Real Estate Attorneys with the experience you need for all aspects of your Palm Beach County real estate transaction. We have the expertise and local knowledge you need to ensure that your interests are protected during every stage of the process.  Contact Rabideau Klein today to discuss your real estate legal needs.

 

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