The Real Deal Miami

Matthews’ office complex gets $12.5M in foreclosure auction

December 02, 2009 03:36PM

Faltering Palm Beach real estate tycoon Bob Matthews suffered another blow last week when an office complex he owned was sold in a foreclosure auction. The 24,000-square-foot building at 205/221 Royal Palm Way was sold to Investors Warranty of America, an assignee of Transamerica Life Insurance, in a Nov. 23 auction, fetching $12.5 million. Matthews already lost the Palm House hotel to foreclosure in September. A Nantucket property was also sold. Matthews retains ownership of an office building at 250 Royal Palm Way. [Palm Beach Daily News]