Frisbie Group sold a newly built oceanfront townhome in Palm Beach to a trust for $26.1 million.
Records show 456 South Ocean LLC, run by Robert N. Frisbie, sold Unit 1 at 456 South Ocean Boulevard to The 456 South Ocean Boulevard Trust, with attorney Guy Rabideau as trustee.
The buyer secured a $17.9 million loan from First Republic Bank, records show.
Frisbie Group is a Palm Beach-based real estate investment firm that is active in Palm Beach, according to its website. Suzanne T. Frisbie, a principal of Frisbie Group, listed the townhome. Rosalind Clarke of Premier Estate Properties brought the buyer. The unit sold for $2,966 per square foot.
Property records show Frisbie Group acquired the property, along with neighboring property 101 Gulfstream Road, for $26.3 million in 2018. The company later sold the Gulfstream Road property to The ChubbyChooChoo Trust in 2020 for $13.5 million.
In 2018, Frisbie Group demolished the former structure, which housed Charley’s Crab restaurant, and began construction on a four-unit townhome project. The townhouses are being built by Dailey Janssen Architects. Each has three floors, including a basement.
Suzanne Frisbie said the recently sold unit is the first to be completed and the others will be next.
According to floor plans provided by the developer, the 8,799-square-foot townhome has five bedrooms and seven-and-a-half bathrooms. The unit also features an elevator, fitness room, cinema room, dine-in wine cellar, laundry room, pool and a two-car garage.
In January 2019, Frisbie Group sold the retail and restaurant portion of a mixed-use project on Royal Poinciana Way to The Breakers Palm Beach for $20 million. But Frisbie Group still owned six condos on the second floor. In April 2019, Frisbie Group sold two of the condos in the Royal Poinciana development for $20 million. A supermarket magnate bought another one of the units for $10.8 million in November.