The Real Deal Miami

$42M Palm Beach mansion sale bails out developer

Swanson filed for bankruptcy, had listed nine-bedroom home at $74M

June 13, 2013 01:00PM

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Priciest publicly-listed Palm Beach property

Priciest publicly-listed Palm Beach property

The $42 million sale of a mansion on “Billionaires Row” in Palm Beach resolves a bankruptcy case tied to luxury home developer Dan Swanson, the Daily Business Review reported.

A bankruptcy judge closed the case of 1220 South Ocean Boulevard LLC. The company, managed by Swanson, filed a voluntary petition for bankruptcy last September, citing $41.5 million in debt, the Review said.

Swanson, of Addison Development, originally put the home on the market in September of 2011. The buyers are a “very nice couple” that liked the size of the property, buyer’s agent Stephen Ploof of Linda A. Gary Real Estate in Palm Beach told the Wall Street Journal.

The home was listed at $74 million, catapulting it to the top of Palm Beach’s priciest publicly listed properties.

“The reality is we had to live through the whole financial crisis,” Swanson told the Review. The company bought the site in 2007 and started building in 2008.

Completed in 2011, the property has 20,000 square feet of living space, including nine bedrooms, boasts 7,000 square feet of loggias, garages and a guest house, and a 12,000-square-foot motor court, a dock and a pool with fountains.

Swanson’s Addision Construction Corp. has three current residential development projects underway, according to the newspaper.

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