How to Utilize a Home Warranty
Home warranties cover many of the appliances and system components found in most homes. They are designed to cover the repair or replacement costs should a c...
By: Richard Schulman
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A company linked to former Green Mountain Coffee Roasters CEO Robert Stiller has transferred ownership of an oceanfront home at 589 N. County Road via a $25 million warranty deed recorded this week.
But the transaction appears to have been an internal transfer by the Stiller family rather than an outright sale, according to the deed.
As previously reported by the Daily News, longtime Palm Beachers Leo and Kathryn Vecellio quietly sold the North End house in January for between $50 million and $55 million, according to sources familiar with the property. Because of the way the sale was structured, the amount that changed hands was not recorded in public records.
The 29,000-square-foot house and guesthouse is the subject of an ongoing civil lawsuit filed by the Vecellios in 2009 against the residences developer, builder and subcontractors that alleges construction defects and related claims.
North County Oceanview LLC, a Delaware limited liability company, transferred ownership to The Oceanview Trust, according to the deed recorded Wednesday. Boca Raton attorney Stuart T. Kapp is the manager of the limited liability company and a trustee of the trust, which was created in January.
In February, Kapp on behalf of North County Oceanview LLC signed a $25-million mortgage with Goldman Sachs Bank. By law during an internal transfer, document taxes must be paid on the amount of any active mortgage. In this case, the amount of the mortgage is identical to the price recorded on the deed. The document taxes totaled $175,000.
Kapp declined this week to comment about any transactions involving the property.
Broker Lawrence A. Moens of Lawrence A. Moens Associates is said to have acted on the Vecellios behalf in their January sale, with agent Cristina Condon of Sothebys International Realty handling the buyers side. Moens and Condon have never confirmed their involvement in the off-the-market sale, and the Vecellios and the Stillers could not be reached.
Stiller once headed the Vermont-based company that is today known as Keurig Green Mountain. He and his wife, Christine, also own a homesteaded lakefront house at 11 Via Vizcaya in the Estate Section.
The house on North County Road has been under renovation since early summer, according to public records. Contractor Paul Wittmann of Wittmann Building Corp. wont discuss the project.
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A family affair: $25 million deed records on North End home
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