The estate of a late Pennsylvania developer facing more than $150 million in claims from lenders sold his waterfront mansion near Delray Beach for $5.8 million.
Carol Welkowitz, the widow of developer Richard Welkowitz, signed the deed for the 10,000-square-foot house at 16021 Quiet Vista Circle, according to records. The mansion is in the Stone Creek Ranch community west of Mizner Country Club.
The buyer is Faraglioni LLC, incorporated in Delaware and managed by South Florida lawyer Marjorie S. Margolies. The buyer financed the purchase with a $5.5 million mortgage from Morgan Stanley, records show.
The house avoided a sheriff’s sale in 2019 after the plaintiff in a lawsuit against Welkowitz canceled the sale. The plaintiff, Centerstate Bank, had received a $4.1 million judgment against Welkowitz for an unpaid debt, according to records.
Richard Welkowitz bought the mansion in 2014 for $6.1 million. The two-story house, called “Chateau Ami” in an online listing, is on almost 3 acres. Built in 2006, the French chateau features six bedrooms, eight full bathrooms, a home theater, gym, infinity pool, tennis court, putting green, four-car garage, a guest house, a chandeliered walk-in closet, walk-in wine cellar and private elevator, according to an online listing.
It listed for $7.3 million in August 2018. After several price drops, it listed for $6 million in July. Jennifer Kilpatrick of The Corcoran Group had the listing. Ina Bloom of BEX Realty represented the buyer.
Welkowitz died by suicide in December at age 73, according to LancasterOnline. The claims against his estate led to the auctioning of more than 600 of his possessions, including a fishing lure signed by baseball legend Mickey Mantle, two life-size bronze sculptures of the hood ornament on Rolls-Royces, and a Ferrari owned by acting legend Tony Curtis.
The largest single claim against his estate was for nearly $42 million, filed in February on behalf of Customers Bank of Wyomissing, according to LancasterOnline. Welkowitz’s notable developments include Lancaster County’s first outlet mall. He also held some titles of nobility, including Baron of Blackford.
In September, his estate sued to dismiss $22.5 million in claims, alleging his signature was forged on documents, according to the Central Pennsylvania Business Journal.
Earlier this year, a couple sold an 18,206-square-foot mansion at 9200 Rockybrook Way in Stone Creek Ranch for $17 million. Last year, the CEO of Hewlett Packard Enterprises bought a mansion at 16141 Quiet Vista Circle, in Stone Creek Ranch, for $7.5 million.
In 2017, Office Depot CEO Gerry Smith paid $6.7 million for the waterfront mansion at 16191 Quiet Vista Circle that was owned by the son of the late South Florida billionaire H. Wayne Huizenga.