The Real Deal Miami

Ex-Tyco CFO sells condo at One Thousand Ocean in Boca Raton

Mark Swartz and Tyco ex-CEO Dennis Kozlowski were convicted in 2005 for fraud and illegal bonuses
By Amanda Rabines | May 08, 2018 09:45AM

Unit 101 at One Thousand Ocean and Mark Swartz (Credit: Redfin andA&E Television Networks) 

Unit 101 at One Thousand Ocean and Mark Swartz (Credit: Redfin and A&E Television Networks)

Tyco’s ex-chief financial officer Mark H. Swartz is unloading yet another one of his real estate assets in Boca Raton.

Property records show he and his wife Karen just sold unit 101 at One Thousand Ocean, a condo tower at 1000 South Ocean Boulevard, for $5.56 million.

Mark Swartz and Tyco’s ex-CEO Dennis Kozlowski, went to jail after being convicted in 2005 for defrauding the company’s shareholders of more than $400 million and giving themselves as much as $150 million in illegal bonuses.

Records show Karen Swartz paid $5.1 million for the condo in 2013, about a year before Mark Swartz was released from prison. Tyco, a security systems provider, named Mark Swartz its CFO in 1995.

In 2016, a trust tied to Swartz sold a Boca Raton mansion at 700 Lake Drive for $10 million.

The condo is a four-bedroom, four-bathroom unit with a private entrance and a wrap-around terrace that features views of the Atlantic Ocean and Intracoastal Waterway. The 5,100-square-foot condo also features a media room and gym.

Records show Felix DeHerrera and Dianne DeHerrera are the buyers. Felix DeHerrera is the chairman and majority owner of mortgage banking company Alterra Home Loans.

The two-story unit was last listed in January for $5.95 million. Douglas Elliman’s Senada Adzem represented the seller and United Realty Group brought the buyer, according to Redfin.