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Family gets $39 million for Palm Beach home built in 2007 on a lakefront site

Vaseline

A limited liability company paid a record $39 million for 10 Via Vizcaya, which had been the same family in Palm Beach for years.

A Mediterranean-style estate that hasn’t changed hands since 2008 — the year after it was completed on a lakefront lot in Palm Beach’s Estate Section — has sold for a record $39 million.

The estate at 10 Via Vizcaya was sold by a Florida limited liability company named after the property’s address and managed by siblings Darlene Yelvington and Gary Yelvington, according to the May 6 deed. Their late parents: Daytona Beach businessman Conrad Yelvington and his late wife Margaret, were the original owners and purchased the house after it was developed on speculation.

The buyer was a Delaware limited liability company called Sugar Magnolias LLC. The entity’s mailing address on the deed is that of Corient, a Seattle asset management firm that provides so-called “family office” services. Due to Delware’s strict corporate privacy laws, no other information about the buyer was immediately available in public records.

Totaling 10,720 square feet, the six-bedroom home sits on an irregularly shaped double lot of about two-thirds of an acre in a tucked-away Estate Section neighborhood on South County Road. The property has 115 feet of frontage on the Intracoastal Waterway with a 100-foot dock.

Listing agent Heidi Wicky of Sotheby’s International Realty declined to discuss the sale. She last priced the estate at $41.95 million, down from the original $45 million price tag on the multiple listing service.

“The house looks beautiful on the lot,” said Wicky when the house came on the market at the end of 2022.

“Of the houses on that (part of) the lakefront, this is the most private. You can’t see the house from the street, and it’s gated.”

Broker Margit Brandt of Premier Estate Properties acted on behalf of the buyer. She declined to discuss the sale or her client.

The sale closed on April 30, according to the MLS. Darlene Yelvington and her brother signed the deed as co-managers of 10 Via Vizcaya LLC.

Conrad Yelvington founded companies in Daytona Beach that specialized in material distribution and aviation. His children have been involved in the family businesses, according to company records and websites of Yelvington Jet Aviation, Conrad Yelvington Distributors and Yelvington Aviation Management, among others.

Margaret Yelvington died in 2019, the year after her husband’s death.

Via Vizcaya is a quiet street that loops west from South County Road, near the intersection with South Ocean Boulevard. The estate is just over a mile north of former President Donald Trump’s Mar-a-Lago Club.

The two-story home features a guest suite above the three-car garage. Interior details include arched doorways, rooms with high ceilings (many with exposed beams) and a stair hall with a striking staircase. There’s also a butler’s pantry, a wood-paneled library, wine storage and a media room, according to the sales listing.

Facing the Intracoastal Waterway at the rear of the property is an open-air octagonal loggia with a beamed ceiling, fireplace and arches that frame the waterway views. The loggia also overlooks the lakeside pool and whirlpool spa. A concrete jetty extends from the sea wall into the lake.

In the main wing of the home, another poolside loggia opens into the family room.

Architect Roger Janssen of Dailey Janssen Architects designed the house, construction documents show. It was one of three homes developed on Via Vizcaya by Malasky Homes, a West Palm Beach company led by the late Donald Malasky and today run by his two sons.

Property records and the MLS do not show what Conrad and Margaret Yelvington paid Malasky Homes for the house, apparently because of the way the deal was structured. Wicky acted for the couple when they bought the house, but declined to discuss that sale.

But the estate was listed on the MLS in 2008 with a price of $16.95 million.

Agent Jim McCann confirmed he represented Malaksy Homes in the transaction while working at the Corcoran Group. He has since joined Premier Estate Properties.

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This is a development story. Check back for any updates.

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Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly column “Beyond the Hedges.” He welcomes tips about real estate news on the island. Email [email protected], call 561-820-3831 or tweet @PBDN_Hofheinz. Support our journalism. Subscribe today.

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