Real estate investor's home on North End of Palm Beach brings $15.94M

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Palm Beach real estate investor Richard Cushing True has sold, for a recorded $15.94 million, the North End house he originally planned to develop as a resale project but instead used as a home for his family.

With Colonial Revival-style architecture, the four-bedroom house at at 225 El Pueblo Way has 5,149 square feet of living space, inside and out, according to its sales listing. The house was completed in 2024.

True sold the house as trustee of a revocable trust named after the property’s address, according to the deed recorded Jan. 6. He was joined in the sale by his wife, Tatiana, the document shows.

On the buyer’s side was another trust with the address of the property in its name. Palm Beach attorney Guy Rabideau served as its trustee, the deed shows. Rabideau declined to comment about the purchase.

Because of privacy rules governing trusts, no other information about anyone directly connected to the trust that bought the house was immediately available in public records.

The house stands on three-tenths of an acre, about midway between the Palm Beach Country Club and the inlet at the northern tip of the island. The midblock property also is halfway between the Lake Trail walking-and-bicycling path and the ocean, where there’s deeded beach access.

True, who also is a real estate agent, served as the listing agent through his affiliation with the Corcoran Group. He last had the house priced at just under $17 million, according to the multiple listing service.

Although the house initially entered the market in early 2023 while it was in construction, it had been on and off the market since, the MLS shows. True listed it for the final time in late September.

Agent Barry Gutknecht of Compass Florida confirmed he acted on the buyer’s behalf.

True owns Cushing Investments. He has been involved in the development of a number of houses in Palm Beach over many years. He and Gutknecht declined to comment about the sale.

The two-story house was designed by Palm Beach architect Kevin Asbacher of Asbacher Architecture, who also designed for True a house he built on speculation at 311 Polmer Park, also on the North End. True has that five-bedroom property priced at just under $33 million.

The layout of the house on El Pueblo Way includes a kitchen that opens to a family room and French doors that open to a covered loggia by the pool, according to the sales listing. The family room and the loggia each have fireplaces.

There’s also a ground-floor primary bedroom suite. Other amenities include a full-house generator and an electric-vehicle charging station.

Builder Paul Courchene of Courchene Development Corp. in Boca Raton was the general contractor. He has worked with True on other residential projects in Palm Beach, including the house on Polmer Park, building records show.

An ownership company managed by True bought the land on El Pueblo Way for $6 million in a private sale recorded in February 2022. In that deal, the seller was the estate of a lifelong Palm Beach resident, the late Sharon Noel Stewart Neri, courthouse records show. Her late husband, Ralph James Neri also was involved in the 2022 sale.

Portions of this story appeared previously in the Palm Beach Daily News.

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 @PBD

This article originally appeared on Palm Beach Daily News: Real estate investor’s home on North End of Palm Beach brings $15.94M