For years, Paul Shiverick, co-founder of the hedge fund management firm Seminole Management Co., vacationed in Palm Beach, Fla., with his wife Betsy, a former currency trader.

By 2013, “Our kids were all out of the house, and so we started spending more time down here, then decided to make this our permanent home,” he says.

At the time, the couple had a house in downtown Palm Beach, “and we were always inside,” he continues. “We didn’t have good outdoor space, and we thought if we could be on the water, that would be fantastic— we’d be really outdoors.”

In 2012, the couple found a lot on Everglades Island, a thin strip of land connected to Palm Beach by a small bridge. They paid about $5.5 million for the property.

There was an existing house that “wasn’t perfect,” Betsy Shiverick says, “but the lot was.” Everglades Island zoning allows for houses to be built a few feet from the water, “and that’s what spurred us to build,” she says. “We were able to create closeness to the water and get those breezes.”

They hired architect Richard Sammons, co-founder of the firm Fairfax & Sammons, then tore down the existing house and set about building a 5,500-square-foot, Mediterranean-style home, which was completed in mid 2014.

Now, less than five years later, the couple is putting the house on the market with Cristina Condon and Kevin Condon, of Sotheby’s International Realty of Palm Beach, listing it for just under $21 million dollars.

The Concept
The house takes a U-shape with a series of loggias opening onto a courtyard. Nearly every room in the house opens to the outdoors. “It’s a house that would have been built 80 or 90 years ago to take advantage of breezes and air flow,” Paul Shiverick says. “We liked being more in a natural environment than in air-conditioning.”

In order to correspond to the home’s classical design, the couple tried to use reclaimed materials when possible. “The stone, the wood, the tiles—they’re all old, and when you go into the house, you feel like you’re in an old home,” Paul Shiverick says. “But it has the conveniences of something new.”

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