An oceanfront mansion in Highland Beach is back on the market today with a $12.5 million price tag after a years-long foreclosure case, January auction and purchase this month by an LLC with a mind for flipping.
Casa Bella Riente at 3621 South Ocean Boulevard was the subject of a foreclosure that began in 2008, with a final judgment rendered in favor of the bank in September 2013 for $17.8 million.
The bank bought the five-bedroom home at a Jan. 2 auction for $902,200. It sold the 13,000-square-foot estate Nov. 13 to 3621 South Ocean Blvd., LLC for $7.5 million.
United Realty Group of Boca Raton has the listing, marketing it as a “magnificent home that can be restored to the state shown in the pictures for as little as $750,000.”
The property description also says “never lived in and just ready for a facelift or to be torn down and made into a palatial estate.”
The land is zoned multifamily, meaning the lot can be divided into two 95-foot parcels if desired.
The listing became active Nov. 15.
“The big ones can take a long time to get through the foreclosure process,” said Linda Barratt Cervantes, with United Realty Group. “They kind of get buried in paperwork. Usually the ones that have the highest dollar amounts also have ways to bury it in court for a while.”
In a previous listing, the house is described as having 200-feet of beach with a master bedroom decked out in green onyx from Turkey, dark green onyx from Pakistan and a white onyx wet bar.
“The butler’s pantry, adjacent to the formal dining room, exceeds expectations with a 132-bottle temperature-controlled wine cooler… plus unique granite counters from India and abundant storage. The chef’s kitchen, featuring Blue Imperial quartzite, incorporates a food preparation island and a snack bar with seating for five,” a listing on Ocean Estate Properties proclaims.
The Palm Beach County Property Appraiser’s office says the home was built in 1988.
At one point, the house was on the market for $18.9 million. That was reduced to $13.5 million before being taken off the market.
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