The former girlfriend-turned-business-associate of the late businessman and corporate raider, Victor Posner, sold her Palm Island mansion for $20.3 million.
Brenda Nestor, via a trust in her name, sold the six-bedroom, 8,056-square-foot home at 39 Palm Avenue to 39 Palm Avenue LLC. Court records show the buyer is Robert Thomas Dyal, managing director at San Francisco and Woodside, California-based Redpoint Ventures.
The Palm Island property, which previously belonged to Posner, was the target of a foreclosure lawsuit filed last year by Safe Harbor Equity. Nestor’s trust filed for Chapter 11 bankruptcy in June.
The home appears to have been marketed as a teardown. The 1-acre property was asking $29 million, with the seller offering to build a new home for $34 million, according to the listing. Jill Eber and Jill Hertzberg of Coldwell Banker’s The Jills Zeder Group brokered the deal.
The waterfront, five-bathroom estate can be replaced with a home of up to 22,500 square feet, according to the listing. It currently features a tennis court, separate guest house, dock and boat lift. The house was built in 1957.
Nestor was named the primary beneficiary of Posner’s $321 million estate in 2002, and has been entangled in a slew of litigation in recent years. She filed for personal bankruptcy in 2017.
A Safe Harbor Equity debt fund filed a foreclosure suit against Nestor more than a year ago over the $8.3 million mortgage backing Posner’s former property, documents show. In April, a judge awarded the Safe Harbor entity $12.3 million, plus interest.
In more recent court documents, Nestor alleged that Safe Harbor held up providing the satisfaction of the mortgage, which delayed the sale of the property.
Nearby on Palm Island, former boxing champion Floyd Mayweather Jr. paid $18 million this month for a waterfront mansion.