House with 128 feet of lakefront brings $50 million on North End of Palm Beach

Darrell Hofheinz, Palm Beach Daily News
Updated ·4 min read
A house that just sold for a recorded $50 million in Palm Beach at 940 N. Lake Way offers wide views of the Intracoastal Waterway from the lakefront pool.
A house that just sold for a recorded $50 million in Palm Beach at 940 N. Lake Way offers wide views of the Intracoastal Waterway from the lakefront pool.

Palm Beach entrepreneur and investor Harvey Jones has paid a recorded $50 million for a lavishly renovated 1970s-era house that affords dramatic views of the Intracoastal Waterway on the North End of Palm Beach, where Jones owns another home.

The one-story house that just changed hands at 940 N. Lake Way was built in 1974 and had not sold since 2002, when it was purchased for a recorded $7.37 million by Century Wines & Sprits Inc., a Delaware-registered company associated with the late businessman James V. Tigani II, who went by “Jimmy.”

Tigani, who died in November at 85, shared the five-bedroom, Palm Beach Regency-style house with his partner of 26 years, Corcoran Group real estate agent Mark Bennett.

Tigani’s estate was the seller, and Bennett held the listing for the residence, which entered the multiple listing service at $55 million April 10. The property had been under contract since July 13, and the sale closed Tuesday.

Jones bought the house as trustee of the H.C Jones Living Trust, the deed shows. The sale closed July 28, according to the multiple listing service.

The Wall Street Journal first reported that Jones was the buyer. Jones, who also has a home in Nantucket, Massachusetts, is managing partner of Square Wave Ventures, a private venture investment firm with an office in West Palm Beach.

.Jones has owned a house at 300 Ridgeview Drive in Palm Beach since 2018, according to previous reporting by the Palm Beach Daily News. He has that house homesteaded as his primary residence in the latest tax rolls, property records show.

Agents Todd and Frances Peter of Sotheby’s International Realty handled the buyer’s side of the North Lake Way deal, the MLS shows.

Todd Peter declined to comment about the transaction, and Jones could not be reached.

With a private dock in the Intracoastal Waterway, a Palm Beach house at 940 N. Lake Way, center, has changed hands for a recorded $50 million. The property had been listed for sale with an asking price of $55 million.
With a private dock in the Intracoastal Waterway, a Palm Beach house at 940 N. Lake Way, center, has changed hands for a recorded $50 million. The property had been listed for sale with an asking price of $55 million.

With a private dock and 128 feet of lakefront, the property measures four-fifths of an acre. The house is the fourth one north of the Palm Beach Country Club and is separated from the waterway by the Lake Trail bicycle-and-pedestrian path.

The property has water deep enough to accommodate a 130-foot yacht, and the concrete dock has two boat lifts, Bennett’s sales listing said.

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The house has 8,504 square feet of living space, inside and out. The listing described the home’s “spacious floor plan” and high ceilings. The layout includes a pair of kitchens, two offices, a media room, a billiards room, a gas-powered fireplace and several water features inside and outside.

The outdoor areas are “perfect for entertaining,” the listing said, with an expansive travertine-covered patio area around the lakefront pool, which is fronted by covered loggias. The house also has a two-car garage.

Facing the Intracoastal Waterway, a house that was listed at $55 million just changed hands at 940 N. Lake Way for a recorded $50 million.
Facing the Intracoastal Waterway, a house that was listed at $55 million just changed hands at 940 N. Lake Way for a recorded $50 million.

Trained as an attorney, Tigani spent 45 years working at his family’s Delaware-based business, N.K.S. Distributors Inc., which he led until 1999 with his brother, Bob, according to his obituary. Jimmy Tigani also served as president, until 2009, of Century Wines & Spirits and Delaware Beverage Co., which he co-owned and managed with two partners, Leo Renzette and Bob Trostel.

In Palm Beach, Jimmy Tigani was a member of The Beach Club and The Gentlemen of the Garden, a support group for the Ann Norton Sculpture Gardens in West Palm Beach.

Benjamin M. Miley signed the deed to sell 940 N. Lake Way as president of Century Wines & Spirits Inc.

Jones’ house on Ridgeview Drive has not been listed for sale in the MLS when deal on North Lake Way closed, a search showed. When he bought the Ridgeview Drive property for a recorded $13 million five years ago, Peter represented him in the negotiations opposite opposite agents Toni Hollis and Gloria Moré of Waterfront Properties and Club Communities. The six-bedroom, 8,970-square-foot house is on the southwest corner of Ridgeview Drive and North Lake Way, less than a mile from the house Jones just bought on North Lake Way.

dhofheinz@pbdailynews.com

The multiple listing service is reporting this 1970s-era house just sold for $50 million at 940 S. Ocean Blvd. It has classical architectural elements common to the Palm Beach Regency style.
The multiple listing service is reporting this 1970s-era house just sold for $50 million at 940 S. Ocean Blvd. It has classical architectural elements common to the Palm Beach Regency style.

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This story was updated Aug. 1, 2023 — the day the deed recorded for the sale of 940 N. Lake Way — to add more details about the buyer's side of the transaction. This is a developing story. Check back for any 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.

This article originally appeared on Palm Beach Daily News: House on Palm Beach's North End lakefront sells for $50 million