Text from the Palm Beach Daily News
The remaining oceanfront part of historic Casa Apava has sold for $71.2 million, according to a deed recorded Tuesday on the Palm Beach County Clerk’s website.
Adding in the lakefront land sold last year, the estate has fetched a recorded $116.1 million for the sellers, real estate developer Dwight C. Schar and his wife, Martha. That amount ranks it as the island’s highest-dollar deal ever for an estate with multiple parcels sold seperately.
The buyer is hedge funder Paul Tudor Jones II, who founded the private asset-management company Tudor Investment Corp. With a net worth estimated at $4.6 billion, he ranks No. 352 on the Forbes list of the world’s billionaires. He also co-founded the Everglades Foundation and established the Robin Hood Foundation.
With nearly six acres, the Billionaires Row estate at 1300 S. Ocean Blvd. has a landmarked house reportedly built in 1918. The property has about 420 feet of oceanfront.
Broker Lawrence Moens of Lawrence A. Moens Associates was unavailable for comment but his office confirmed he handled both sides of the sale.
Casa Apava ceased to be an ocean-to-lake estate last year after the Schars’ sold three separate lots for $44.9 million. Moens also handled the sales of the lots, which totaled about 3½ acres. The lakefront and oceanfront properties were not on the market when they sold.
Casa Apava’s price record is similar to one set in late 2012 when Chicago hedge-funder Kenneth Griffin paid nearly $130 million for four adjacent lots on Blossom Way. But those purchases, which occurred simultaneously, involved multiple sellers.
Among island’s highest-dollar single real estate transactions
The oceanfront sale alone would rank among Palm Beach’s highest-dollar single real estate transactions ever, trailing two 2008 deals — Donald Trump’s $95 million sale of 515 N. Ocean Blvd. as well as retailer and philanthropist Sidney Kimmel’s $77.5 million sale of 1236 S. Ocean Blvd. Those prices are the ones recorded with the deeds at the courthouse.
In deals handled by Moens, the Schars bought Casa Apava in separate sales for a recorded total of $85.6 million in 2004 and 2005. At the time, the transaction was said to be the largest residential sale in U.S. history. The seller was dealmaker Ron Perelman, who was then married to actress Ellen Barkin.
The Schars sold one of their lakefront lots last summer for a recorded $20 million to a company linked to casino mogul Steve Wynn. Moens has lately advertised that 1.5-acre lot for sale at $26 million.
The Schars sold the two adjacent lakefront lots last fall to companies controlled by Mark Pulte of Mark Timothy Inc., which plans to develop two mansions there on speculation. Pulte paid $13.4 million for the 1.5-acre lot at 1340 S. Ocean Blvd. and $11 .5 million for the 1.2-acre lot at 1330 S. Ocean Blvd.
Linked to another sale
The Schars homesteaded their estate in the county’s tax rolls. The property lies about a half-mile south of Southern Boulevard.
In May 2013, the Schars were linked to the $11.5 million purchase of another historic house in Palm Beach at 550 S. Ocean Blvd. It went under renovation shortly after the sale.
The couple also has a home in McLean, Va., the headquarters of Dwight Schar’s company, NVR Inc., a homebuilding conglomerate.
The Schars paid a recorded $45.04 million for the oceanfront side of Casa Apava in October 2004, at the same time buying the southernmost of the three lakefront lots – with a historic boathouse — for $18.6 million. They reportedly paid another $6 million for the house’s furnishings and fixtures.
In December 2005, the Schars expanded the estate to a total of 11.37 acres by simultaneously buying two adjacent lakefront lots from Perelman for $10.9 million and $11.1 million.
Perelman, who owns a sizable stake of Revlon, and Barkin spent millions during the 1990s restoring the seven-bedroom house with 25,949 square feet of living space, inside and out. The Schars later carried out their own renovations to the house.
Designed by president’s son
With its Mediterranean-style architecture, Casa Apava was designed by architect Abram Garfield, son of President James Garfield. His clients were Chester Bolton, a congressman from Cleveland, and his wife, Frances Payne Bingham Bolton, who served in Congress for almost three decades after her husband died.
At the time Casa Apava was built, the adjacent property was owned by Frances Bolton’s sister, who was married to Cleveland industrialist Dudley Blossom.
After three generations of Bolton ownership, real estate developer E.F. “Bud” Hansen Jr. bought Casa Apava in 1987. Hansen subsequently carved the 18 acres into several smaller tracts on the ocean and the lake, and sold some of them. He eventually lost the landmarked house in foreclosure, and Perelman paid a bank-controlled entity $11.6 million for the oceanside part of the estate in 1994, later adding parcels on the lake.
The town granted Casa Apava landmark protection in 1980.
Back in 2008, Moens acted for Trump in the sale of his mansion to Dmitry Rybolovlev, who was represented by Carol Digges of Brown Harris Stevens. Paulette Koch and Dana Koch of the Corcoran Group were the listing agents for Kimmel’s estate, and the buyers, Margaret and John Thornton, were represented by Cristina Condon of Sotheby’s Internationa