The Real Deal Miami

Two-floor Singer Island condo headed for auction

The owners bought two units at Ritz-Carlton Residences for $3.45 million and combined them
December 11, 2016 03:00PM

Unit 401A at the Ritz-Carlton Residences,

Unit 401A at Ritz-Carlton Residences Singer Island, 2700 N. Ocean Drive (Source: Palm Beach Daily News)

A personal bankruptcy case is sending a two-floor oceanfront condo on Singer Island to an auction sale on Dec. 20.

New York City-based Concierge Auctions will conduct the auction to sell the condo, Unit 401A/501A at the Ritz-Carlton Residences Singer Island at 2700 North Ocean Drive.

Concierge Auctions did not set a minimum bid for the 7,120-square-foot condo on Singer Island, which had been listed for sale for $7.75 million.

Sotheby’s International Realty agents Christina Condon and Todd Peter, who have the current listing for the condo, cut the asking price from $7.75 million to $5.95 million and recently cut it again to $4.999 million.

The Palm Beach Daily News reported that Jacques S. and Leah M. Gansler paid $3.45 million in 2012 for units 401A and 501A at the Ritz-Carlton Residences on Singer Island and combined them.

The Ganslers last year filed for Chapter 11 bankruptcy in Maryland, and their case subsequently was converted to a Chapter 7 case.

Jacques Gansler was an under-secretary in the Department of Defense under President Clinton. [Palm Beach Daily News] Mike Seemuth