Town of Palm Beach News

Barton Avenue House Sells For $15 Million

A house on Palm Beach’s Barton Avenue sold off-market for a recorded $15.3 million, according to a deed filed on Wednesday. The story was first reported by the Palm Beach Daily News.

The house previously hadn’t changed hands in more than 20 years and the buyer also bought another Midtown house less than a mile away on Chilean Avenue for $8 million.

The house at 320 Barton Ave. was sold by financier C. Edward Carter Jr. The buyer is a Florida limited liability company named Barton Avenue PB LLC, according to the deed. That company is co-managed by businessman and investment manager David J. Martinelli of Haverford, Pennsylvania, according to state business records.

Barton Avenue House Sells For $15 Million

Records show that Martinelli has another house in Palm Beach on Golfview Road.

The house on Barton Avenue was completed in 1997 and is known as Villa Tortuga. The lot measures about seven-tenths of an acre.

The house is traditional-style and has 9,838 square feet of living space inside and out, according to property records. The house has six bedrooms and its two winds wrap around a large pool area.

According to an expired for-lease listing in the Palm Beach Board of Realtors Multiple Listing Service, the Barton Avenue property also features a cabana, a fireplace, an eat-in kitchen a library and hardwood floors.

Related >>> Oceanfront House Sells for $11 Million in Forfeiture

Martinelli is managing partner emeritus at Harvest Fund Advisors LLC, a hedge fund he founded with offices in Wayne, Pennsylvania, near Philadelphia, according to a biographical sketch at bloomberg.com. He previously earned tenure as an executive of Buckeye Pipe Line Co., which as founded in the 1880s as a subsidiary of Standard Oil Co. and now has offices in Pennsylvania and Houston.

Martinelli has also served as a principal and majority owner of Glenmoore Partners, “which led a management buyout of the general partner at Buckeye Pipe Line Co.,” according to Bloomberg. He also previously worked at several investment banks, the profile says.

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Alanna Barrett

Alanna Barrett

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