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PALM BEACH DAILY NEWS

 

Planned Palm Beach ‘spec’ home becomes $11.5M land sale that includes plans for the house

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The seller had originally considered developing a house on speculation at 225 Wells Road but instead sold the land with blueprints. 

After razing a house at 225 Wells Road, Palm Beach developer Mary Frances Garrett has sold the North End property — with plans for a new house — for a recorded $11.5 million. 

Garrett bought the property for a recorded $6.5 million in June 2021 through her Atlanta-based real estate company, M2B Properties LLC. 

On the buyer’s side, the LLPB Trust appears to be linked to Canadian fashion designer Andrea Lenczner, who co-founded the ready-to-wear company known as Smythe. She, in turn, is linked in published reports to Toronto financier Blair Levinsky, who co-founded and is president and CEO of “alternative investment“ management firm Waratah Capital Advisors; and executive chairman of Lithium Royalty Co. The deed recorded May 26 names the trustee of the trust as Andrea Joan Lenczner.

The Wells Road lot measures about a third of an acre, and is about a half-mile north of Royal Poinciana Way. 

Garrett had commissioned the design of a seven-bedroom Mediterranean-style house with 6,300 total square feet for the property. But the town-approved house was never built, although some preliminary construction work had been completed by the time the sale closed. 

In late December 2021, Compass Florida agent Elizabeth DeWoody listed the proposed house — with its plans drawn by Harrison Design — as a speculative project with a pre-construction price of $25 million. But the listing was soon withdrawn from the multiple listing service before resurfacing in April 2022. 

 

By March of this year, the property was no longer being promoted as a spec project. With a new price of $12.9 million, the listing instead described the lot “as your opportunity to take over this project” or to “build your dream home.” 

Although the lot was marketed with the house plans, it’s unclear if the buyer will complete the house or start fresh. 

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