The Real Deal Miami

Manalapan mansion sells again, this time for $10 million less

March 15, 2010 09:29AM

The 72-room home of the late Generoso Pope was sold at the end of February for $12 million, a $10.4 million slice off its purchase price in June 2009. Through dealings between its subsidiaries, Bank of America was able to
shelter its mortgage loans. The home at 1370 S. Ocean Boulevard in
Manalapan was sold in June by the Lowe family to Germantown-Seneca
Joint Venture for $22.4 million, which then put the property on the
market for $17 million. SEC filings showed that Germantown’s general
partners were two Bank of America subsidiaries, and the $22.4 million
price was the exact outstanding loan amount owed by the Lowes. The home
was purchased Feb. 26 by MGM Design. [Palm Beach Daily News]