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

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.

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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.