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Sale of house linked to Jordanian royal tops $45M in Palm Beach … – Palm Beach Daily News
A Palm Beach lakefront estate owned for years by entities associated with the Jordanian royal family has sold for $45.36 million, the price recorded with the deed.
The 1990s-era house at 1330 N. Lake Way was sold by Sherouq LLC, a Delaware-registered limited liability company, property records show. That company is linked in business records to Princess Alia Bint Al Hussein, daughter of the late King Hussein of Jordan. The house replaced one that the king had reportedly used as a vacation home.
The buyer was a Delaware-registered limited liability company named 1330 NLW LLC, which the deed lists with an address in care of the Gunster law firm in West Palm Beach. Because of Delaware’s strict corporate privacy laws, no other information about anyone behind the buying entity was readily available in public records.
The sale of the Mediterranean-style house closed March 11, according to an MLS listing updated three days later.
The lakeside property was listed for sale Feb. 1 at $48.75 million by agent Shelly Newman of William Raveis South Florida.
Built in 1996, the house that just sold took the place of a residence destroyed by a natural-gas explosion in 1993. News reports at the time identified it as a vacation home used by King Hussein, who died in 1999. When the house was built, the property was owned by a trust.
Agent Chris Leavitt of Douglas Elliman Real Estate handled the buyer’s side of the sale recorded Monday, according to the MLS. He declined to comment.
House was listed Feb. 1:Lakeside estate near Sailfish Club in Palm Beach enters market at $48.75 million
A couple of lots south of the Sailfish Club of Florida, the property measures a little more than three-quarters of an acre with 140 feet of frontage on the Intracoastal Waterway. There’s also a deep-water dock and a lakeside swimming pool.
The house is ripe for renovation or replacement, according to sources familiar with the estate. With 10,161 square feet of living space, inside and out, the residence has five primary bedrooms and three bedrooms for staff, according to the sales listing.
Palm Beach estates with sizable lake frontage and water deep enough to accommodate larger yachts have been in demand by house-hunters and developers, real estate observers say.
Such properties have become more difficult to come by during the past year, thanks to a strong sellers’ market that has drastically shrunk housing inventory, according to the latest real estate sales reports issued by agencies that do business on the island.
Sale after sale after sale:Palm Beach property deals in 2021 hit record $4 billion; inventory tight: Q4 sales reports
Newman declined to comment about the property, but her listing described the estate as a “boater’s dream.” The estate lies six-tenths of a mile south of the inlet at the northern tip of the island.
The sales listing for the house mentioned its “soaring ceilings” and “gracious outdoor entertainment space.” In addition to the main living areas, the house’s layout includes a dining room and a library/den, the listing says. There’s also a fireplace.
The sales listing also mentioned access to a neighborhood beach cabana at the opposite end of Ocean Terrace, the street that intersects with North Lake Way in front of the property.
In 2005, an internal deed transferred ownership of the estate to Sherouq LLC.
Documents accompanying the deed of sale just recorded show Sherouq LLC is controlled by a British Virgin Islands-registered entity named Sherouq Investments Ltd. Princess Alia is the sole shareholder of Sherouq Investments Ltd. — with 50,000 shares — through the Sherouq Investment Trust, for which she serves as trustee.
Jacquelyn G. Durham serves as president, director and secretary of Sherouq Investments Ltd., and she signed the deed to sell the estate on North Lake Way.
The princess is the longtime president of the Jordanian Equestrian Federation and has served as a director of the Royal Stables of Jordan, according to an online biographical sketch. In 2009, she established a foundation in her name that focuses on human rights, animal welfare and the environment.
The estate on North Lake Way was once owned by the late Kleenex heir James H. Kimberly.
Kimberly and the late King Hussein were good friends, according to published reports, and in the 1970s, the king named Kimberly honorary consul of Jordan.
The royal family’s lakefront estate used to be larger, thanks to the 2008 addition of the house immediately south at 1320 N. Lake Way. That house, on a lot measuring more than a half-acre, was sold in 2015 for a recorded $14.5 million by a company linked to the family.
The princess is the eldest daughter of the late King Hussein and the half-sister of his successor, King Abdullah II.
The house at 1320 N. Lake Way was sold through a different Florida limited liability company from the one that owned the house next door.
In the sale at No. 1320, Newman — who at the time was affiliated with Illustrated Properties — acted for the seller opposite agent John Pinkham of Virtual Global Realty Palm Beach, MLS records show.
The house next door:Lakeside estate once owned by Jordanian princess brings $33.41 million in Palm Beach
The house at No. 1320 was re-sold in November for a recorded $33.14 million to a company linked to developer Todd Michael Glaser and two investors — Miami developer Jonathan Fryd of Fryd Properties and developer Scott Robins of Scott Robins Cos. in Miami Beach. Glaser made improvements to the property and re-listed it at $49.5 million Feb. 21 though Lawrence A. Moens Associates.
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This story was updated March 18, 2022 — the day the deed for the sale of 1330 S. Ocean Blvd. was recorded at the Palm Beach County Courthouse — to include information about the buyer and more information about the seller. This is a developing story. Check back for 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 “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call (561) 820-3831 or tweet @PBDN_Hofheinz. Help support our journalism. Subscribe today.
