Beyond the Hedges: Purchase squares off North End property
Sellers, meanwhile, end up with tidy profit — and larger home.
W. Stephen and Muffie Bancroft Murray of Palm Beach and Westport, Conn., have expanded the already expansive property they put together this summer when they bought adjacent houses on the North End.
The smaller of those homes was at 305 Mediterranean Road, which they acquired in June for a recorded $910,000. The larger one stands just to its north on a double lot at 302 Caribbean Road. The Murrays bought that one in July for a recorded $6.5 million from former Sony Music chairman Tommy D. Mottola and his singer-actress wife, Thalia, a.k.a. Ariadna Sodi Miranda, who were represented by agents Paulette Koch and Dana Koch of the Corcoran Group.
That left the Murrays with an L-shaped parcel. And late last month, the couple squared off the property by paying a recorded $1.052 million for a three-bedroom house with 2,100 “total” square feet at 1510 N. Lake Way. On a corner lot facing North Lake Way, the house stands just east of the one they purchased in June on Mediterranean Road.
They bought the North Lake Way house from Stuart M. and Hilary Dweck of Pond Ridge, N.Y., who had owned it only since April, when they paid a recorded $912,500 for it. The Dwecks were represented in that deal by agent J. Richard Allison of the Valore Group Real Estate.
When the Dwecks bought the North Lake Way house, it and the house on Mediterranean Road were listed for sale by agents Gary Little and Lynn Warren of Fite Shavell & Associates, who had hoped to sell both as a package. Both were investment properties owned by entities controlled by Fite Shavell Principal Wade Shavell and Scott and Sherry Turkell, according to Shavell.