$42M Palm Beach mansion sale bails out developer

Miami /
Jun.June 13, 2013 01:00 PM

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.


Related Articles

arrow_forward_ios
Two Roads Development’s Reid Boren and Taylor Collins with Frisbie Group’s Dave, Rick and Robert Frisbie Sr. and renderings of South Flaglar House (Two Roads Development, Frisbie Group, The Boundary with Noe & Associates, Getty)
Two Roads’ suit spells trouble for Frisbie’s West Palm condo project
Two Roads’ suit spells trouble for Frisbie’s West Palm condo project
The property at 15998 Walgreens Drive near Jupiter with MG3 Group’s Marcelo Saiegh, Gustavo Bogomolni and Hernan Leonoff (CBRE, MG3 Developer)
MG3 drops $78M for Walgreens distribution facility near Jupiter
MG3 drops $78M for Walgreens distribution facility near Jupiter
13th Floor Investments' Arnaud Karsenti and Key International's Inigo Ardid and Diego Ardid with rendering of southwest corner of South Congress Avenue and Old Germantown Road (13th Floor Investments, Key International)
13th Floor JV nab $102M construction loan for Delray project
13th Floor JV nab $102M construction loan for Delray project
Sean Hannity with 9 Sloans Curve Drive (Getty, Google Maps)
Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
404 East Coconut Palm Road in Boca Raton (Google Maps, Getty)
Waterfront Boca Raton spec mansion sells for $19M
Waterfront Boca Raton spec mansion sells for $19M
(Illustration by The Real Deal; Getty)
Residential sales fall 30% across South Florida
Residential sales fall 30% across South Florida
(Illustration by The Real Deal; Getty)
North Palm Beach caps height of two-story homes
North Palm Beach caps height of two-story homes
211 Dunbar Road (Google Maps)
Good ROI? Wealth manager sells non-waterfront Palm Beach estate for $21M
Good ROI? Wealth manager sells non-waterfront Palm Beach estate for $21M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...