They must have foreseen the final sale price: Psychic hotline kings sell Fort Lauderdale mansion for $14M

Sellers listed the home in 2016 for $27.5M

Miami /
Mar.March 09, 2021 04:30 PM
2501 Mercedes Drive, Fort Lauderdale (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)

2501 Mercedes Drive, Fort Lauderdale (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)

The former owners of the Psychic Readers Network sold their waterfront Fort Lauderdale mansion for $14 million, five years after listing it for $27.5 million.

Records show Steven L. Feder and Lou Thomas Trosclair sold the double-lot property at 2501 Mercedes Drive to Dennis R. O’Neil.

Feder and Trosclair owned the Psychic Readers Network, which was home to the popular call-in show Miss Cleo. Psychic Readers Network faced its demise in the early 2000s when the Federal Trade Commission accused it and its parent Access Resource Services of making more than $1 billion while committing multiple consumer violations, including false advertising and overly aggressive collection efforts, according to published reports. In 2002, the companies agreed to pay a $5 million fine and forgive $500 million in customer charges to settle, without admitting any guilt.

Feder and Troslclair purchased the Fort Lauderdale mansion in 2013 for $11.5 million, records show. Built in 2002, it spans 9,320 square feet and has five bedrooms and six bathrooms. Property records show the two waterfront corner lots combined total nearly an acre.

The home was first listed in 2016 with an asking price of $27.5 million, according to Compass. It was most recently listed for $19.8 million in January.

Tim Elmes of Compass represented both sides of the deal. Elmes declined to comment on the buyer’s identity.

The two-story house also features a library, gym and media room, with a pool outside and 450 feet of water frontage, according to the listing.

Recently in Fort Lauderdale, a technology firm founder sold his waterfront mansion for $16.8 million, a barbershop owner bought a mansion for $7.3 million, and the founder of BurgerFi sold a mansion for $7 million.






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