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
The lot where the Champlain Towers South once stood (Getty)
Settlement in Surfside condo collapse now over $1B
Settlement in Surfside condo collapse now over $1B
Donald Trump, Eric Trump and Donald Trump Jr with 1125 South Ocean Boulevard (Premier Estate Properties, Getty)
Trump’s Palm Beach estate listed for rent asking $208K a month
Trump’s Palm Beach estate listed for rent asking $208K a month
Hussain Sajwani of Damac with Surfside (Wikipedia)
Damac to buy Surfside collapse site for $120M — no other bidders for property
Damac to buy Surfside collapse site for $120M — no other bidders for property
Another auto dealership magnate rolls into Palm Beach to buy a house for $19M
Another auto dealership magnate rolls into Palm Beach to buy a house for $19M
Another auto dealership magnate rolls into Palm Beach to buy a house for $19M
Alex and Yanina Sapir (Getty, Instagram, Illustration by Kevin Rebong for The Real Deal)
Developer Alex Sapir’s wife files for divorce, citing a “loveless” marriage
Developer Alex Sapir’s wife files for divorce, citing a “loveless” marriage
184 Sunset Avenue in Palm Beach with Benchmark's Jordan Vogel and Aaron Feldman (Apartments, LinkedIn, Getty)
Benchmark drops $17M for historic Palm Beach apartment building
Benchmark drops $17M for historic Palm Beach apartment building
A photo illustration of the letter unit owners of Champlain Towers South in Surfside sent to the court (Getty Images, iStock)
Surfside collapse unit owners ask court to up their $83M payout
Surfside collapse unit owners ask court to up their $83M payout
 E11even's Marc Roberts and Romie Chaudhari with 60 and 90 Northeast 11th Street (Marc Roberts, Abingtonemerson, Loopnet, iStock)
Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
Puff, puff, pass: Developers win approval for downtown Miami medical marijuana dispensary
arrow_forward_ios

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

Loading...