Tuesday, May 11, 2010

Stephen Ross Palm Beach Mansion - "The Reef" (Owner and Founder of The Related Companies)

A little about Stephen Ross's Palm Beach Mansion - The Reef, lauded as an architectural gem at The Paris Exposition of 1937, is still a scene-stealer seven decades later, landing $31.85 million in a private, very quiet sale in October.

Stephen Ross purchased the house in 2008 - 702 N. County Road, $31.85 million

The buyer of the landmarked oceanfront mansion at 702 N. County Road is Stephen M. Ross, co-owner of the Miami Dolphins and chairman, CEO and founder of The Related Companies, a real-estate development empire that created the Time Warner Center and dozens of luxury towers in Manhattan.

The Reef was not listed for sale, and no real estate brokers were involved in the deal.
Ross, who paid $6.36 million for a condominium at Il Lugano in 2002, is one of the four owners of CityPlace in West Palm Beach, which The Related Companies developed. The sellers were Anita and Stuart Subotnick, executive vice president and partner in Palm Beacher John Kluge's Metromedia empire. The Subotnicks paid $9 million for The Reef in October 1996. In 1989, a mansion known as The Reef, at 702 North County Road, Palm Beach, sold for $4.6 million to Gerald Tsai Jr. Now Tsai has financed the residence with NationsBank for $6.15 million. The Reef has 19,692 square feet.

The Reef, a Treanor & Fatio-designed oceanfront mansion was built in 1936, and has been lauded as "The best design of Maurice Fatio's career."

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