The Real Deal Miami

In luxurious Palm Beach, a rare short sale on new mansion

December 22, 2009 10:47AM

A Palm Beach mansion landed among an unusual few last week when Gary Pohrer of Fite Shavell and Associates shepherded it through a $3.95 million short sale. The house hit the market at $5.5 million, and its location at 237 Seabreeze Avenue — three blocks north of Royal Palm Way — made it an unlikely candidate for a process that’s become commonplace in the distressed real estate market but has had little effect thus far on luxurious Palm Beach (see the video above for a virtual tour of the home from Fite Shavell and Associates). Its owner owed a bit more than $4 million on the property, which was completed in January, though the owner then decided not to move in. According to property records, Lauro Biando, who has a Lake Worth mailing address and is listed as president of consulting firm Agycon by the Florida Department of State, owned the house. The buyer is a corporation, 237 Seabreeze, managed by Raymond and Kerry Fine, records said. Pohrer said he hired an experienced real estate attorney to support the transaction, which took about four months to complete. [Palm Beach Daily News]