MacLaren Cummings Of Terakeet Purchases Palm Beach Mansion For $25 Million With Morgan Stanley Financing

The property asset involved in this transaction is a single-family home located at 239 Emerald Lane in Palm Beach, FL. The sale price for the property was $25,000,000, and it encompasses an area of 6,131 square feet on a 0.52-acre lot.

Summary of transaction details:

• Property Type: Single Family
• Transaction Amount: $25,000,000
• Address: 239 Emerald Lane
• Market: Palm Beach, FL
• Buyer: MacLaren Cummings - Terakeet
• Seller: Mark Lamy
• Buyer's Representative: Gary Pohrer - Serhant
• Seller's Representative: Stephen Hall - Compass
• Lender: Morgan Stanley
• Price per Square Foot: $4,078
• Bed Count: 6
• Previous Sale Price: $15,500,000 (2022)

MacLaren Cummings, co-founder and CEO of Terakeet, acquired the mansion through a trust, financing the purchase with a $13 million mortgage from Morgan Stanley Private Bank. This acquisition follows a recent sale of another home on the island and highlights the ongoing trends in the luxury housing market of Palm Beach.