Former Yuengling estate in Fort Lauderdale heads to auction

Currently listed for nearly $10M, estate will be auctioned at $4M reserve

Jun.June 07, 2016 10:30 AM

A waterfront Fort Lauderdale mansion built for Richard Yuengling of the eponymous beer empire is on tap to be auctioned on June 30. 

The corner property, a Mediterranean-style home at 828 Solar Isle Drive, is on the market for $9.95 million with listing agent Tim Elmes of Coldwell Banker. Elmes is partnering with Miami-based Platinum Luxury Auctions to sell the former Yuengling estate with a reserve of $4 million.

Yuengling built the mansion in 1999 after buying the property for $2 million, records show. At one point, his neighbors included Adolphus Busch III, the former president and CEO of Anheuser Busch.

“The biggest feature is the waterfront,” Trayor Lesnock, president of Platinum Luxury Auctions, told The Real Deal. The estate offers 300 feet of deep water dockage, a custom pool and spa, and landscaping with mature palms.

Records show pharmaceutical entrepreneur Bruce Paddock owns the six-bedroom, 11,800-square-foot mansion. 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.

Paddock bought the Yuengling estate in 2012 for $6.5 million. He decided to list the property after he bought a new home at 1831 Southeast Ninth Street in February for $17 million, according to a press release.

Lesnock said the two-story home, which includes a partial third story for entertaining, doesn’t have any beer-themed features, but it does include four bars and a 2,000-bottle wine room. The mansion also features master and junior suites, a gourmet kitchen, fitness center, home theater, wood-paneled study and captain’s quarters with dock access.

Platinum focuses on non-distressed sales of multimillion-dollar properties and takes its fee from a 10 percent buyer’s premium – which it will share with Elmes. For the Yuengling estate, Lesnock said bidders must make a refundable $250,000 deposit or proof of a certified check in that amount to qualify. Registration is open until 5 p.m. the day before.

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