The Real Deal Miami

Largest U.S. home, a Florida mansion, gets a $10M price cut

March 19, 2012 03:45PM

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Renderings of the completed mansion (left side), images of construction (right)

The price has been cut on Florida’s very own, 90,000-square-foot Palace of Versailles.

The Wall Street Journal reported that David Siegel, the chief executive of timeshare firm Westgate Resorts, has cut the asking price on his still unfinished mansion in Windermere that’s modeled after the famed palace by $10 million to $65 million.

The buyer gets the two-thirds complete home and the stone to finish the exterior of the 13-bedroom, 23-bathroom home with a 20-car garage, a two-story wine cellar, and a 7,200-square-foot bedroom. For a buyer who prefers a finished product, the home can be their’s for $90 million — a 10 percent discount from the original asking price.

Construction on the home started six years ago, the Journal said, but Siegel put it to a halt and put the home on the market to reinvest money into then-struggling Westgate. But the timeshare giant has found firm footing, construction will resume in a few weeks and the home, which sits on a 10-acre peninsula, could be finished in about two years. A documentary chronicling the construction called it the largest home in America.

In the meantime, Siegel lives with his wife and eight kids in a 26,000-square-foot home nearby. [WSJ]

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