Palm Beach Mansion Asks $74 Million
September 21, 2011 - Florida
The French-chateau-style mansion, which was shopped around privately for $84 million last year, sits on 2½ acres and has 250 feet of frontage on the Intracoastal Waterway.
There's a 12,000-square-foot motor court, 7,000 square feet of loggias, garaging and guest house, a dock and a pool with fountains.
The house is on South Ocean Boulevard, where other owners include Tampa Bay Buccaneers owner Malcolm Glazer.
In 2008, nearby mansions sold for $77.5 million and $68.5 million, according to public records-but large sales have been rare since then.
"It's a pretty arduous proposition to do something like this, and it's a project that most people don't want to do," says the owner and developer, Dan Swanson of Addison Development, adding that he spent about three years building the home.
He declines to say how much he had invested and says the lower price is a nod to the market.
Susan Polan of Illustrated Properties calls the home "magnificent" but says the price is aggressive given its location near airplane paths and the lack of immediate access to a beach or yacht dockage.
Listing agent Jim McCann of Corcoran says any plane activity hasn't seemed to affect property values in the past and adds that there is deeded access to a beach across the street.
Mr. Swanson says several local marinas accommodate yachts.
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