Hedge funder sues Palm Beach property appraiser over $44M mansion

Miami /
Dec.December 23, 2016 04:30 PM

A $600,000 tax bill was apparently too much for hedge fund manager Kenneth Tropin, who just launched a lawsuit against the Palm Beach County property appraiser disputing the fees.

Tropin, acting through a trust in his name, grabbed headlines in March when he paid nearly $44 million for the oceanfront spec house at 1695 North Ocean Way in Palm Beach, which was developed by Pat Carney. The five-bedroom home and its nearly 24,000 square feet of living space had been completed just a month prior.

All seemed well until November, according to the Palm Beach Daily News, when Tropin received a tax bill from property appraiser Gary Nikolits. The assessment, which had taken place in January, pegged the property’s value at $37.34 million — $32.77 million of which was considered taxable.

Tropin’s suit contends that since the home got its certificate of occupancy in February, after the assessment was made, it shouldn’t have been labeled as “substantially completed” for billing purposes. The complaint names Nikolits, Tax Collector Anne Gannon and Florida Department of Revenue Executive Director Leon Biegalski as defendants.

Tropin is asking the circuit court to knock out the bill and have a new assessment issued, according to the Daily News. Even with the lawsuit, Tropin’s trust paid the tax bill in full during November. [Palm beach Daily News] — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
An aerial of the proposed development site and warehouse with Sergio Rok and Jimmy Tate
Neighbor sues to short-circuit Jimmy Tate and Sergio Rok’s no-bid North Miami project
Neighbor sues to short-circuit Jimmy Tate and Sergio Rok’s no-bid North Miami project
Dr. Ernst A. Langner and Nataly Langner with their Palm Beach estate (Compass, Dr. E.A. Langner-Foundation)
German entrepreneur sells oceanfront Palm Beach estate for $110M
German entrepreneur sells oceanfront Palm Beach estate for $110M
Edgar Bronfman Jr. and his Palm Beach home (Getty, 200 Regents / Sotheby's)
Liquor dynasty scion Edgar Bronfman Jr. buys Palm Beach home for $12M
Liquor dynasty scion Edgar Bronfman Jr. buys Palm Beach home for $12M
Suzanne Frisbie and Corcoran CEO Pam Liebman (Corcoran)
Suzanne Frisbie returns to Corcoran in Palm Beach
Suzanne Frisbie returns to Corcoran in Palm Beach
Fuse Group Investment CEO Eyal Peretz and attorney Michael Ehrenstein (Fuse, Ehrenstein Sager, Twitter via GUT Miami)
Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
The Avenue Apartments at 6220 Reese Road in Davie (Photo via Avenue Davie)
Boardwalk Properties sued for alleged racial discrimination
Boardwalk Properties sued for alleged racial discrimination
(Christian J. Angle Real Estate)
Waterfront Palm Beach home sells for $33M after nearly 30 years in family’s hands
Waterfront Palm Beach home sells for $33M after nearly 30 years in family’s hands
3050 Coral Springs Drive in Coral Springs; 1361 Southeast Fourth Street in Deerfield Beach and clips from the complaints. (Google Maps, District Court of Southern Florida)
SEC charges South Floridians in alleged $9M real estate scam
SEC charges South Floridians in alleged $9M real estate scam
arrow_forward_ios

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

Loading...