Pharmaceutical whiz pays $17M for Fort Lauderdale manse

Home was built by owner of a California winery

Feb.February 03, 2016 03:00 PM

Bruce Paddock, a pharmaceutical entrepreneur who sold his company in 2011 for $540 million, just paid $17.16 million for a waterfront mansion in Fort Lauderdale.

The sprawling estate is located on a corner lot at 1831 Southeast 9th Street, which faces a sandbar on the New River.

It was built in 2009 by seller Dennis R. O’Neil, co-owner of the Checkerboard Vineyards in California, who paid $4.6 million for the acre-sized property in 2000.

The Mediterranean-style manse measures 13,011 square feet and boasts a chef’s kitchen, exposed ceiling beams in the main living areas, limestone floors and an expansive wine cellar.

On the outside, its manicured grounds are littered with sabal palms and shade trees, complete with a brick pathway from the home’s rear to the river.

Timothy Elmes of Coldwell Banker had the listing when it most recently hit the market in 2015 with an asking price of $25 million. It was one of the city’s most expensive homes to come online last year.

O’Neil had tried to sell his home back in 2013 — and even rejected an $18 million cash offer, according to a report in the South Florida Business Journal. It appears the years whittled O’Neil down, though. The deal between with Paddock breaks down to $1,318 per square foot — more than $600 per foot lower than his ask.

Paddock is the former founder and chairman of Paddock Laboratories, a successful manufacturer of pharmaceuticals in the United States. After building the company up since 1978, Paddock sold his firm to the Perrigo Company in 2011 for $540 million.

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