Glazer's La Bellucia sells for $24M, 2009's largest recorded Palm Beach home sale
After a year of unusual house trades, price meltdowns, foreclosure transfers and tepid sales, La Bellucia, a landmarked oceanfront Addison Mizner-designed house at
La Bellucia's owner, the First Allied Jacksonville Corp., a Rochester, N.Y.-based holding company owned by Palm Beach resident Malcolm Glazer, sold the nine-bedroom approximately 12,000-square-foot house set on 3.8 acres to Los Angeles real estate developer and billionaire Jeffrey Greene, several sources indicated.
Greene has maintained residences in
Glazer holds controlling stakes in the Manchester United soccer team, and owns the Tampa Bay Buccaneers, a National Football League team. He and his family are ranked number 139 on the Forbes 400 list.
Listed for $27.5 million by Paulette Koch and Dana Koch, Corcoran Group associates and partners, the historic South End estate was a sought-after trophy property, sited on a ridge overlooking more than 234 feet of oceanfront and eaturing original Mizner finishes.
"This spectacular oceanfront property sold in less than 30 days despite the current market environment," Dana Koch said.
"We had multiple offers and several people who wanted the house," said Paulette Koch, whose $77.5 million recorded sale last year of the ultra-modern Sidney Kimmel estate at
Lynn Warren and Gary Little, business partners and sales associates with Fite-Shavell & Associates, represented the buyer.
"People sense now is the time to buy,"
First owner named it after 'Beautiful Lucy'
Designed in 1920 for
Another of La Bellucia's prominent owners was Ailsa Mellon Bruce (1901-1969), who during the 1950s Forbes magazine termed the richest woman in the
Following her death, her brother, Paul Mellon, as the executor of her estate, sold the property to
In 2000, Mahoney's heirs sold La Bellucia, also known as Coconut Hill, for $14 million to Glazer's company, First Allied Jacksonville Corp. During the next several years, Glazer's representatives sought approval to demolish the historic main house, claiming economic hardship; when those efforts failed, they attempted to relocate it to another site on the property, according to town records. The house also was subject to code enforcement actions when landmarks preservation commissioners feared demolition by neglect.
"La Bellucia just may be the island's only remaining Mizner house designed specifically for its oceanfront setting, as Louwana, Amado and other remaining oceanfront Mizner houses at the North and South Ends were designed with Ocean Boulevard running in front of the houses," said Jane Day, the town's historic preservation consultant.
"It is great news someone might be living in the house," Day added.