EFTA00951487.pdf

From: To: jeevacation@gmail.com Subject: Adlers sell for $18. Remember Catherine refuse $21 two yrs ago Date: Wed, 02 Jan 2013 14:10:29 +0000 South End's historic Il Sogno sells for $18M Delay% are-based entity buys Adlers' longtime home at 1520 S. Ocean Blvd. • comment(3) • 5 7 0 45 Related View L• ,',South End's historic II Sogno sells for $18M photo On the front facade of 1520 S. Ocean Blvd., a square tower rises three stories. The house just sold for a recorded $18 million. Photo by Robert Stevens, courtesy of the Corcoran Group Vite , Largel RSouth End's historic II Sogno sells for $18M photo A loggia offers views of the Intracoastal Waterway, swimming pool and gardens. Photo by Robert Stevens, courtesy of the Corcoran Group View R,South End's historic II Sogno sells for $18M photo Fred and Catherine Adler extensively landscaped the terraced gardens on the west side of the property, which stretches from the lake to the ocean just south of Widener's Curve. The house just sold for a recorded $18 million. By Darrell Hofheinz EFTA00951487 Daily News Real Estate Writer Venture capitalist Frederick "Fred" R. Adler and his wife, Catherine, have sold II Sogno, their historic and much- expanded ocean-to-lake home at 1520 S. Ocean Blvd. for a recorded $18 million. The buyer was a Delaware-based limited liability company named II Sogno PB LLC, according to the deed dated Wednesday and recorded a day later by the Palm Beach County Clerk's office. With its name translating as "The Dream," the Mediterranean-style house was designed by society architect Marion Sims Wyeth in 1924 for Chicago industrialist Franklyn Smith. The Adlers bought it in 1991 and carried out major renovation projects, enlarging the house to its present size and creating elaborately terraced gardens. The house has 11,627 square feet of living space, inside and out, with 10 bedrooms, 10 bathrooms and three half- baths, according to a sales listing. It sits on a lot measuring about 1.4 acres in the area immediately south of Widener's Curve. The Corcoran Group handled both sides of the sale. But agent Jim McCann said confidentiality agreements prevented him from commenting. McCann and Corcoran colleague Shari Murriello had marketed the house since February 2011. But a couple of months ago, the agency withdrew the listing from the local multiple listing services that serve the island. McCann said at the time that the Adlers were reconsidering their options for selling the property. At one time, the house had been priced at $27 million. That price was dropped from $25 million to $21.5 million in September and shortly thereafter fell to $19.5 million, according to MLS records. From the ocean side, the lot slopes toward the lake, an arrangement that provides wide views of the water from most of the rooms and the outdoor loggias. That topography was one of the features that attracted the Adlers to the house, Catherine Adler told the Shiny Sheet for an article about the property last spring. "The minute I stepped onto the west loggia and saw the levels of gardens, my heart went boom, boom, boom. I was thrilled. You could see the ocean and the lake from the living room. I marvel at that. It's a true 'mar a lago,' with sunrises and sunsets and so much light," she said. The Adlers installed a sea wall as well as a tennis court just east of a putting green that fronts the Intracoastal Waterway. Inside the house are an elevator and metalwork details on doors and windows installed by the original owner. The house was sold with private deeded-beach access across South Ocean Boulevard. Among their improvements, the Adlers added a dining terrace and combined ground-floor rooms to improve the home's floor plan. They also constructed living space on the second floor above the living room, which has a ceiling the couple imported from Italy. At the front of the house, a tower rises three stories to a room with arched windows that offers panoramic views. The Adlers paid a recorded $3.9 million for the house when they bought it from the late Ralph Levitz, former chairman of Levitz Furniture Corp., and his late wife, Mary Jacqueline Levitz, property records show. The Adlers could not be reached Friday for comment. $ EFTA00951488