Prominent homebuilder Dwight Schar carved out a portion of his massive Casa Apava estate and unloaded the Palm Beach property for $20 million.
Schar and his wife Martha sold Lot 4 at the 11.4-acre site to a West Palm Beach company called Apava Lot 4. The true identity of the buyer is not known, as Apava listed the address of the Kochman & Ziska law firm in the deed. Between 2004 and 2005, Schar acquired four parcels at 1300 South Ocean Boulevard for a recorded price of nearly $84 million from billionaire Ron Perelman.
The couple paid $18.6 million for Lot 4 in October 2004. The entire assemblage was considered at the time to be the largest residential transaction in U.S. history, according to the Palm Beach Daily News.
Broker Lawrence Moens of Lawrence A. Moens Associates represented both sides in the transaction. Moens also arranged the 2004 and 2005 deals. [Palm Beach Daily News] — Eric Kalis