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| Munders buy Palm Beach penthouse condo at Il Lugano for record $12.1 million By: DAVID ROGERS 05/18/08 What makes a penthouse condominum at Il Lugano worth $12.1 million, excluding furnishings? For starters, the 5,798-square-foot unit's five terraces offer wide views of the Intracoastal Waterway, Palm Beach and the Atlantic Ocean, according to broker Susan Polan. Polan, an associate with the luxury division of Illustrated Properties Real Estate, was the listing agent for the property. Lee and Laura Munder of Palm Beach bought the condo recently from Miami Dolphins co-owner Stephen Ross. Ross paid $6.36 million for the condo in 2002. The latest price looks to be a record for a condominium in Palm Beach, if not all of Florida. The unit is the only penthouse on the west building of the two-building Il Lugano complex at 300 Seminole Ave. "It was a tremendous buy actually," Polan said. "I believe it was worth more than we asked for it." The unit has its own boat dock, private cabana and four-car garage, she said. The cachet of the building makes it special, she said. "Il Lugano, in my opinion, is the most exquisite condominium building for many miles around. It's new and beautiful," Polan said. "The building has only 14 units, and the staff and management of Il Lugano are superb." Pamela Gottfried, president of Martha A. Gottfried Real Estate, is familiar with the building. Richard Schlesinger and his son, Adam, converted the 46-year-old Dorset House's 66 rental units into 14 luxury condominiums in 2000. As part of architect Gene Lawrence's design, a floor was removed to add height to each unit. "There is just nothing like it in Palm Beach," Gottfried said. "Where else can you get a 6,000-square-foot apartment, and all on one level?" She said the price per square foot is likely a record. Large condominiums are "typically moving quickly" because they appeal to people who want to escape the maintenance and security responsibilities of a single-family home without sacrificing living space, Gottfried said. *** |