New custom-built home fetches $6.6 million

In Palm Beach, the demand for new houses is as strong as an ocean rip current. Owners of recently completed custom-built homes are discovering they own prime real estate indeed.

Which might explain at least part of the reason that an Ohio racetrack owner has sold the custom home he and his wife completed last year on the North End at 200 Ocean Terrace. The four-bedroom Bermuda-style house was not on the market when it changed hands for $6.6 million via a deed recorded last week.

Brock E. Milstein sold the property as trustee of a revocable trust in his name. The 6,612-square-foot house was bought by Timothy C. Davidson of West Palm Beach, the deed shows. Davidson is affiliated in business records with a family company named Somerset Capital Partners.

Milsteins trust bought a 1950s-era house on the property from Arthur Oldham II for $1.425 million in April 2011 and demolished it.

Michael Perry of MP Design and Architecture designed the new Bermuda-style house for Milstein and his wife, Kimberley, according to town records. One lot west of the beach, the house stands on a lot measuring a third of an acre, a mile north of the Palm Beach Country Club.

Milstein is chairman of the board Hard Rock Rocksino Northfield Park, a racetrack with entertainment near Cleveland, and managing director of Milstein Capital Group. His wife is an entrepreneur.

Fite Shavell agents Lynn Warren and Gary Little acted on behalf of the Milsteins. They served that role three years ago when the Milsteins bought the property, opposite Corcoran Group listing agents Elizabeth Cleckner and John Pangborn.

In last weeks deal, Corcoran agent Andrew J. Reynolds represented the buyer, whose parents once lived on the island. The houses location near the beach was a plus, Reynolds said. So was the fact that it had sophisticated wiring for electronics and a long list of other custom features that you might not find in a newer house developed on speculation.

The Milsteins declined to comment, and Davidson couldnt be reached.

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New custom-built home fetches $6.6 million