Jordanian Princess’ Palm Beach home hits market for $17.5 million

alternate text1320 North Lake Way in Palm Beach, Fla.

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From the South Florida Web site:
Jordanian Princess Alia bint Al-Hussein, half-sister of King Abdullah II, ruler of Jordan, is selling one of her posh Palm Beach mansions for $17.5 million, $6.5 million more than she paid for it last year.
In July 2008, the princess and her husband, Mohammad Anwar Farid Al-Saleh, bought the elegant lakefront home at 1320 North Lake Way in Eden Villa for $11 million from diamond mogul Thomas Shane, CEO of Denver, Colo.-based Shane Company, one of the largest direct diamond importers in the country. Shane bought the property in 2004 for $8.26 million, according to property records.
The Corcoran Group, which declined to comment on the listing, touts the 10,320-square-foot house on its Web site as a “classical Mediterranean villa [that] fulfills your every desire in upscale living.”
The seven-bedroom villa has Italian tile floors and 10-foot high ceilings. There is a plush tropical garden near the 60-foot lap pool and cabana, which has a kitchen. In addition, the lakefront property has an 150-foot deep dock “capable of accommodating almost any sea-going vessel including those over 100 feet in length.”
The price tag seems a bit steep in a soft market where market observers generally believe that luxury home prices have reverted to the same levels as 2004 and 2005. And concrete data bears that out.

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