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Swanson mansion sells for $42 million

Posted On: 06-11-2013

By Darrell Hofheinz

A mansion at 1220 S. Ocean Blvd., which was developed during the recession by builder Dan E. Swanson on “spec” and priced at $74 million, has changed hands for far less — $42 million, according to the price recorded Monday by the Palm Beach County Clerk’s office. 

The sale marks the second-highest recorded price ever paid for a lakefront property in Palm Beach, according to property records. It also represents the highest price ever paid for a South End lakefront home that doesn’t extend to the ocean.A trust named after the property’s address bought the house, according to the deed dated on June 7.The buyers “were very nice people who were a pleasure to work with,” said agent Stephen Ploof of Linda A. Gary Real Estate, who would not comment further on his clients or the transaction. 

Agent Jim McCann of the Corcoran Group had listed the house for sale but also declined to discuss specifics.Completed in early 2011, the never-lived-in house stands on 2½ acres with 200 feet of waterfront just south of the Southern Boulevard traffic circle on Billionaires Row.

With architecture reminiscent of a French chateau, the house and its separate guesthouse have 27,000 square feet of living space, inside and out. The amenity list includes a 4,000-square-foot master suite and eight other bedrooms.McCann had marketed the house since it entered the market, first privately at $84 million and then through the Palm Beach Board of Realtors Multiple Listing Service with a price reduced by $10 million. It was the largest asking price listed in Palm Beach during the past two seasons. In 2011, Forbes included in its Top 10 list of the most expensive properties for sale in the country. 

Swanson, who heads Addison Development in West Palm Beach, was not immediately available for comment. The house had been owned by a Swanson-controlled limited liability company named after the property’s address.

The highest price fetched by an Intracoastal Waterway property occurred in January 2006 when billionaire philanthropist Henry Kravis paid a recorded $50 million for 700 N. Lake Way in a private North End sale brokered by Lawrence A. Moens Associates.


Source: Darrell Hofheinz, June 11, 2013, Palm Beach Daily News



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