UPDATE: Trust buys ocean-to-lake estate in Palm Beach for $22.43 million, deed shows

An ocean-to-lake estate has sold for more than $22 million on the stretch of coastal road known to locals as Billionaires Row, about a mile south of President Donald Trump’s Mar-a-Lago.

The property at 1616 S. Ocean Blvd. was sold by Luciana Vittoria and her husband, Joseph V. Vittoria, a former chairman and CEO of Avis Inc., the rental-car company.

An unidentified family used a Lake Wales-based entity, which acted as a trustee, to pay a recorded $22.43 million for the property. The deed recorded Tuesday lists the buyer as Land Trust Service Corp. as trustee for “Trust No. 1616SOB Dated April 20, 2018.”

“The family will be a wonderful new addition to Palm Beach,” said Douglas Elliman Real Estate agent Ashley McIntosh, who represented the buyer.

She declined further comment, citing a confidentiality agreement.

Built in 1973, the house and guesthouse stand on a lot measuring nearly 2 acres with 151 feet of ocean frontage and 155 feet of lakefront. It includes a sizable beach parcel with private access east of the coastal road.

The estate hasn’t changed hands since 1996, when Luciana Vittoria bought it for $5.75 million, courthouse records show. The house was homesteaded in the latest Palm Beach County tax rolls.

The property was co-listed for sale in late March at $27 million by Brown Harris Stevens agents Gregory K. Weadock and Carole Hogan. It was under contract a month later, according to records in the Palm Beach Board of Realtors Multiple Listing Service. The property was previously listed with another agency.

Weadock declined to discuss the sale and also declined to comment on behalf of his clients. He reportedly handled the buyer’s side of the 1996 sale when he was affiliated with a different agency.

The sales listing described the property as offering an “opportunity to renovate or build new.” The lot is one of only 25 estates in Palm Beach that offer east and west water views, according to the listing.

The estate has 18,866 square feet of living space, inside and out, property records show. There are 11 bedrooms, including guest quarters and staff accommodations.

The sales listing describes the house as “an entertainer’s delight” with a well-equipped kitchen, a grandly scaled living room and outdoor loggias overlooking the pool and lake. The dock can accommodate two boats, and the property has a lighted tennis court, the latter a rarity in Palm Beach.

The estate is the second ocean-to-lake property on Billionaires Row to change hands within a month. In April, a $37.38 million sale recorded for the 2½-acre estate at 1800 S. Ocean Blvd., which socialite Mary Montgomery renovated with her late husband, attorney Robert M. Montgomery Jr. The buyer was a limited liability company, and the buildings have been approved for demolition. On the seller’s side was agent Jim McCann of Premier Estate Properties, who partnered on the sale with the Corcoran Group’s Bill Yahn. Brown Harris Stevens agents A. Whitney McGurk and Liza Pulitzer represented the buyer.

Joseph Vittoria headed Avis for a decade beginning in 1987, according to an online biographical sketch. Today, he is chairman and CEO of Puradyn Filter Technologies Inc. of Boynton Beach. The company designs, manufactures and distributes a “bypass oil-filtration system” used in many internal combustion engines and hydraulic equipment, according to its website.

He also founded Travel Services International.

The house was built by the late developer Nick Raich Sr. as a custom home for his wife, Sharon, and their seven children, said Sotheby’s International Realty agent Kim Raich, who is married to builder Nick Raich Jr. The house was patterned after one her in-laws owned in Wisconsin, she said.

On the buyer’s side, Land Trust Service Corp. is headed by Mark Warda, state business records show.

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