Updated Dec 4, 2024
Col. Freeman Jones & Anne McCormack Jones Purchase Palm Beach Home For $10.4M
215 Seaspray Avenue
$10,400,000
$4,006/SF
Building Size
2,596 SF
Asset Type
Single Family
Closing
Mar 27, 2024
About this deal
AI
A Mediterranean-style house on Seaspray Avenue in Palm Beach was sold for $10.4 million. The 2,596-square-foot property was purchased by retired Army Col. Freeman Jones and wife Anne Beverly McCormack Jones from Virginia.
Summary of transaction details:
- Property Type: Single Family
- Transaction Amount: $10,400,000
- Address: 215 Seaspray Avenue
- Market: Palm Beach
- Asset Type: Single Family
- Buyer: Col. Freeman Jones & Anne Beverly McCormack Jones
- Seller: Bijon Memar
- Buyer's Rep: Somers Laffey - Brown Harris Stevens
- Seller's Rep: Todd Peter - Sotheby's International Realty
The property on Seaspray Avenue underwent extensive renovations by Bijon Memar before being acquired by Col. Freeman Jones and Anne Beverly McCormack Jones. The landmark property is part of Memar's restoration projects in the area.
On the Map
$10,400,000
$4,006/SF
Single Family
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.53%
Cash-on-Cash
-0.44%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93