It was written by one of the band members who fell in love with another band member’s girlfriend..........
Background:
Michael Brown has stated that the song is one of a number he wrote about Renée Fladen (later Fladen-Kamm), the then-girlfriend of the Left Banke’s bassist Tom Finn and object of Brown’s affection. She was associated with the band for a few weeks, and was described as a free-spirited and tall blonde. Brown wrote it one month after he met her.[8] “Walk Away Renée” was one of a series of love songs the infatuated Brown wrote for his muse.[9] Other works about her include the band’s second hit “Pretty Ballerina” and “She May Call You Up Tonight”. After decades of obscurity, she was identified in 2001 as a noted singer, vocal teacher, and artist on the West Coast.[10]
According to band member Tom Finn:
A bunch of teens got an apartment together around Tin Pan Alley, in the Broadway area, and Renee lived there part time when she wasn’t living with her mother. Most of the kids were like half runaways in those days, and there was a “crash pad” there, as we used to call it. I guess I brought her to the studio one day where Michael met her and fell in love with her.[11]
Brown says of his unrequited love for Renée:
I was just sort of mythologically in love, if you know what I mean, without having evidence in fact or in deed ... But I was as close as anybody could be to the real thing.[12]
Renée was looking on during the recording of the song, and her presence nearly prevented its completion. In an interview, Brown stated:
My hands were shaking when I tried to play, because she was right there in the control room ... There was no way I could do it with her around, so I came back and did it later.[13]
However, co-writer Tony Sansone has given a different version of the origin of the song and contends that he is the primary writer. Sansone has stated in interviews that he wrote the lyrics, and he randomly chose the name Renée because the Beatles used the name “Michelle” in their hit song of the same name; he likewise chose a French name, Renée.[14
I think I prefer Brown's version of the origination of that song.