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Palm Beach Daily News

Ponzi victim Dean Vlahos, Michelle Alton sell two Wyeth-designed homes

By: Augustus Mayhew
Published: 7/19/2009Source: Palm Beach Daily News

In today's uncertain real estate market, most Palm Beach sellers might be satisfied with the sale of one offering, but a South End couple recently sold two houses on the same day.

 

Dean P. Vlahos and Michelle Alton, formerly Michelle Vlahos, sold their two South End houses for $14.57 million July 9, according to warranty deeds filed by attorney Robert Lee Shapiro.

 

Both properties were listed with Corcoran associates Paulette Koch and Dana Koch. The home at 105 Banyan Road was listed earlier for $12.5 million before the more current asking price of $9.9 million. The El Bravo Way house was most recently listed for $6.9 million.

 

"With the price adjustments, we had multiple offers. Many buyers will only seek and purchase a historic house by one of Palm Beach's original architects from the '20s or '30s, especially in the estate area where land sizes are generous," Paulette Koch said. "These houses offer an irreplaceable old-world feeling and will always remain a significant part of Palm Beach's history."

 

Vlahos and Alton sold La Chosa at 105 Banyan, the former John S. Pillsbury house, for $8.575 million to Barbara Dooley, who was represented by Rosalind Clarke, a Corcoran sales associate.

 

On the same day, the same sellers closed on 237 El Bravo for $6 million to Grant Mashek and Allyson Foreman Mashek, who were represented by broker Devon Sory at Devon Sory Inc.

 

His father, John Mashek, is the chairman of the Preservation Foundation of Palm Beach.

 

Both houses were originally designed by architect Marion Sims Wyeth. While they were built more than 85 years ago, neither is historically designated.

 

As La Chosa's new buyer, Dooley looks forward to living in the house before making any changes.

 

"There are some mechanical issues that need to be addressed immediately," said Dooley, who said she had been looking in Palm Beach for awhile. She said she "was drawn to its beauty and history," and "... the patina of the 1920s and parts of the house unchanged since Mrs. Pillsbury's day."

 

"Though designed by Wyeth, the Pillsbury's Banyan Road house had additions and alterations that might make designation problematic," said Donald Curl, an architectural historian and author who has been researching a book on architect Wyeth. "But the El Bravo Way house should probably be designated," he said.

 

"There was a lengthy period when owner consent was necessary for the Town Council to designate a property; thus there remains many island properties still undesignated, which is what may have happened to the El Bravo house," Curl added.

 

"The El Bravo Way house is one that Wyeth patterned after El Greco's house, featuring a front porch within the entrance courtyard," Curl said. "If I recall correctly, the house was once on one of our house tours."

 

The Banyan Road home's original owner, Pillsbury, said in a 1958 interview that La Chosa was the first house on the street and that he and his wife, Eleanor, named the street. His father, grandfather and uncle were the founders of the Pillsbury Flour Co.

 

In the interview, he said his family came to Palm Beach in 1902 and he recalled attending parties with the Flaglers at Whitehall.

 

"I believe the Pillsbury house on Banyan Road is under consideration for landmarking," said Jane Day, the town's historic preservation consultant. "And thus, subject to review by landmarks. The El Bravo Way house is not currently designated or under consideration."

 

According to the Preservation Foundation, 237 El Bravo was built for John Edwin Dietz in 1924.

 

In September 2005, the Vlahoses bought 105 Banyan for $9.275 million; two years later, they purchased the El Bravo house for $6.45 million.

 

According to published reports, the seller, Dean Vlahos, a Minnesota restaurateur, lost nearly $20 million in a Ponzi scheme run allegedly by Manalapan resident Thomas Petters.

 

In May, Northern Trust Bank had filed foreclosure notices on the El Bravo and Banyan Road properties.

 

"Mr. Vlahos has no plans on returning to Palm Beach at this time," Paulette Koch said.

 

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