Palm Beach ’20s House Priced at $72.5 Million

The Wall Street Journal


In the latest in a series of ultrahigh-end Palm Beach listings and sales, a Florida car dealer is asking $72.5 million for a house — almost three times what he paid in 2003.

The recently renovated main house, built circa 1924 and designed by veteran Palm Beach architect Addison Mizner, has nine bedrooms, 15 bathrooms, a movie theater with a ticket window and concession stand, an exercise room, a wine cellar and a private generator: all told, about 30,500 square feet. A pool, large pool house and two three-car garages, each with a second-floor guest apartment, are also included.

Records show that Terry Taylor owns the three-acre estate, which has 268 feet on the ocean. Mr. Taylor paid $24.2 million for the property in 2003. He declined to comment. The house has been appraised for $31 million (all appraisals cited here were done in 2007).

In April, a contemporary house on five oceanfront acres on Mr. Taylor’s street sold for $77.5 million, about twice its appraised value of roughly $40 million. Later this month, Donald Trump’s 6.5-acre “Maison de l’Amitie” is set to sell for about $100 million. The property was last appraised at $58.2 million. Finally, a Polynesian-style house on 3.7 acres sold for $68.5 million in a private transaction, a person familiar with the deal says. It was appraised at $37.8 million.

None of those houses “have the detail and workmanship of this Mizner,” says one of Mr. Taylor’s listing agents, Jim McCann, of Corcoran Group.

Rev. Run Lists Site of MTV Reality Show

Season Five is set for Joseph Simmons’s MTV show “Run’s House,” but the next season may have to film elsewhere. The former Run-DMC member, best known as Rev. Run, and his wife, Justine, have relisted his suburban New Jersey house for $5.2 million, a 6% price cut.

The reality show filmed at the home follows Rev. Run and his large family. The six-bedroom, 8,500-square-foot Saddle River house on two acres has a lagoon-style pool, a hot tub, a movie theater, a recording studio and an indoor half-basketball court.

The Simmonses paid $1.6 million in 2002 and completely renovated. Since 2005, the house has been on and off the market, most recently for $5.5 million (January 2007). Mr. Simmons’s price drop comes amid Bergen County’s sluggish real-estate market.

MTV said it’s too early to talk about a sixth season. Show fans will recognize the master bathroom: Each episode ends with Mr. Simmons in his bathtub writing his daily “Words of Wisdom” message. Jeffrey Checkley, of Weichert Realtors, has the listing.

Malibu for $65 Million

In Malibu, Calif., a home on Carbon Beach (known as “Billionaire’s Beach”) has hit the market asking $65 million.

William J. Chadwick, a managing director of real-estate investment bank Chadwick, Saylor & Co., and his wife, Cheryl, are offering the property, which has just over half an acre and has 150 feet on the beach. The couple purchased the land and built a six-bedroom, 10-bathroom Cape Cod-style house of roughly 10,000 square feet in 2005. The house has a screening room and comes with a pool. Stephen Shapiro, of Westside Estate Agency, has the listing.