Stephen Benjamin with 1200 North Ocean Boulevard (North Sails, Douglas Elliman)
It is been decades considering the fact that Stephen Benjamin won a medal at the Olympics, but he just scored a document for the $16.5 million sale of his waterfront Gulf Stream compound.
Residence records display Benjamin offered the dwelling at 1200 North Ocean Boulevard to Lemon Hill Companions LLC, a Florida corporation managed by a Kentucky-dependent law firm.
Randy Ely and Nick Malinosky of the Randy and Nick Team with Douglas Elliman experienced the listing. Betsy Cooke and Brad Cooke of the Cooke Team at Corcoran brought the buyer.
Each broker groups verified that the deal is a file for non-oceanfront profits in Gulf Stream.
Benjamin and his ex-wife, Helen Z. Benjamin, bought the house for $7.1 million in 2018, according to documents. The 6,019-sq.-foot, 5-bedroom, six-rest room residence was built in 1939 and sits on 2.6 acres, information clearly show. The estate involves a major home, guest cottage, and two caretaker houses, O’Connor explained.
The estate was made by Marion Sims Wyeth, who also created the Mar-a-Lago Club in Palm Beach, the brokers confirmed. Wyeth was a noteworthy Palm Beach-primarily based architect in the initially fifty percent of the 20th century. His function also integrated the Florida Governor’s Mansion, and Doris Duke’s famed Honolulu estate, dubbed “Shangri La” by the tobacco heiress.
Brokers reported the Gulf Stream residence is a rarity for its sizing. Mike O’Connor, an agent with the Randy and Nick Crew, stated a standard great deal dimension for Gulf Stream is 100 by 140 feet, equating to .3 acres. The 1200 North Ocean Boulevard compound is much more than eight occasions that measurement.
Benjamin won collegiate sailor of the calendar year while attending Yale in 1978, and clinched the silver medal for sailing in the 1984 Los Angeles Olympics, according to the Olympics web page. On his mother’s side, he is the grandson of Franklin Chase Hoyt, the very first justice of the Children’s Court of New York, and a descendent of Salmon P. Chase, the Main Justice of the U.S. Supreme Courtroom, appointed by Abraham Lincoln. He presently works with the sailmaker North Sails in Miami, in accordance to the company’s internet site.
Helen Benjamin is an heir to the $2.8 billion Royal Baking Powder fortune, a business co-launched by her excellent-grandfather William Ziegler in 1866. In 2015, Benjamin’s brother Peter Ziegler endured an incident at home that rendered him paralyzed down below the neck. When he decided to go away his part of the inheritance to a charity for quadriplegic research and assistance, Benjamin sued him, the Hartford Courant described. In accordance to the outlet, the Connecticut Supreme Court docket dominated from Helen Benjamin.
Assets documents demonstrate that she was taken off from the Gulf Stream deed in a transfer that took area in January. That was the same thirty day period that the couple’s divorce was finalized, Palm Seashore County court records show.
According to Betsy Cooke, the Gulf Stream Wyeth property was regarded for a longtime as the Yellow Property. Cooke explained Nancy Touhey, who acquired it for $2.7 million in 1996, in accordance to data, gave it the identify that caught: Lemon Hill.
The listing for the house marketed it as a “renovation chance.” Cooke verified the buyer intends to restore the property, and full the 250-foot yacht basin and 80-foot pool presently beneath design. She declined to disclose the buyer’s identification.
“A good deal of folks would have torn it down, but the consumer is far more intrigued in restoring the precise home,” she stated.
Gulf Stream, a small city just north of Delray Beach front, has been household to some of South Florida’s most noteworthy flips in latest months.
An oceanfront estate flipped for an 85 percent markup in June, promoting for $27.5 million. A rely on joined to best executives at the hedge fund Elliott Management flipped an oceanfront house for $26.7 million in March. Also in March, an entity connected to San Francisco hedge fund manager William Oberndorf bought another oceanfront estate for $33 million.
Cooke said need is substantial and stock is constrained in Gulf Stream, even with experiences of the South Florida resi market cooling.
“I experienced shoppers all day Monday,” she explained. “I barely had something to exhibit them.”
