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12244 Tillinghast Circle

Candice Cline Kenan, Chris L. Cline & Alex T. Cline Buy Palm Beach Gardens Estate For $19.5M
SOLDSingle Family

Candice Cline Kenan, Chris L. Cline & Alex T. Cline Buy Palm Beach Gardens Estate For $19.5M

12244 Tillinghast Circle

$19,500,000

$1,864/SF

Building Size

10,461 SF

Asset Type

Single Family

Closing

Feb 29, 2024

AI

The Single Family property located at 12244 Tillinghast Circle in Palm Beach Gardens was sold for $19,500,000. The 10,461-square-foot estate was acquired by Candice Cline Kenan, Chris L. Cline, and Alex T. Cline from Joseph and Julie Lashinger's Tillinghast Venture Holdings LLC. The transaction resulted in a price per square foot of $1,864 for the upscale property, which includes six bedrooms and a guest house.

Summary of transaction details:

  • Property Type: Single Family
  • Transaction Amount: $19,500,000
  • Address: 12244 Tillinghast Circle
  • Market: Palm Beach Gardens
  • Buyer: Candice Cline Kenan, Chris L. Cline & Alex T. Cline
  • Seller: Joseph & Julie Lashinger - Tillinghast Venture Holdings LLC
  • Buyer's Rep: Michael Young - Dale Sorensen Real Estate
  • Seller's Rep: Andrew Leibowitz & Michael Leibowitz - Leibowitz Realty Group
  • SF: 10,461
  • PPSF: $1,864

Following the transaction, the family of the late coal billionaire Chris Cline has expanded its portfolio in the Old Palm Golf Club with the acquisition of this spec mansion. The property, nestled in the gated community, provides additional living space through its six bedrooms and features a separate guest house, adding to the family's real estate holdings in the upscale Palm Beach Gardens area.

Players

Michael Leibowitz

Leibowitz Realty Group

Broker

$26.3M

vol

3 deals

Broker

Palm Beach Gardens Single Family Market Snapshot

Boundary boundary · Single Family · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.81%

Cash-on-Cash

-0.23%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93