An entity linked to the investment firm Alden Global Capital sold a waterfront West Palm Beach spec mansion for $16.8 million after a year on the market.
Records show the developer’s entity, 7001 South Flagler LLC sold the house at 100 Beverly Road to John S. Paulson, who listed a mailing address in Alys Beach in the Florida Panhandle. Paulson is not the billionaire Palm Beach resident, John A. Paulson.
Gary Pohrer, a top agent who recently moved from Douglas Elliman to Serhant, had the listing, and Samantha Curry with Douglas Elliman brought the buyer.
The LLC bought the 0.4-acre property for $5.1 million in 2021, records show. Thomas Del Bosco, a longtime executive with Alden Global Capital, signed for the $5.3 million mortgage that year, property records show.
The company completed a nearly 8,000-square-foot mansion last year, according to property records. It has eight bedrooms, 10 bathrooms, one half-bathroom, a pool and a dock along the Intracoastal Waterway, the listing shows.
The mansion hit the market for $18.8 million in March of last year, according to Zillow.
Alden Global is a West Palm Beach-based investment firm, founded by Randall Smith and Heath Freeman, and famous for its acquisition of local newspapers across the country. Its media holdings include the Denver Post, Chicago Tribune and Mercury News. More recently, the firm has set its sights on investing in mobile home parks, according to NPR.
Spec homes also appear to be part of its recent strategy. Last month, another entity linked to the firm sold a waterfront spec house on Miami Beach’s North Bay Road for $29.5 million.
This deal marks one of the priciest single-family home sales in West Palm Beach this season.