Foreclosed Palm Beach mansion back on the market for $12.5M
A Palm Beach oceanfront mansion that was mired in several years of foreclosure proceedings is reportedly back on the market for $12.5 million.
Casa Bella Riente, a 13,000-square-foot estate located at 3621 South Ocean Boulevard in Palm Beach, first went into foreclosure in 2008. In September 2013, a final judgement was rendered in favor of the bank for $17.8 million.
After buying the mansion for $902,000 at an auction, the bank sold it for $7.5 million to 3621 South Ocean Blvd. LLC., according to the Palm Beach Post. The LLC is looking to flip the mansion, which had previously been listed for $18.9 million and then $13.5 million.
“The big ones can take a long time to get through the foreclosure process,” Linda Barratt Cervantes of United Realty Group, which is listing the property, told the Post. “They kind of get buried in paperwork. Usually the ones that have the highest dollar amounts also have ways to bury it in court for a while.”
Built in 1988, the mansion has 200-feet of beach and is zoned for multifamily, so it can be divided into two 95-foot parcels. [Palm Beach Post] – Chris Guanche