To THE DAY, a Florida property sold for $85 million in exactly sixty days. The Wall Street Journal reports that this purchase established a Palm Beach record for the most expensive sale of a non-oceanfront home. And that made sense given how completely CRAP this property is.
Although I’m making a lot of effort to hold back, this property is completely insane.
This isn’t a single residence on an exclusive island. It is an exclusive island. In actuality, it’s Palm Beach’s sole private island. The island is accessible by one small private bridge or boat or seaplane. No direct access is available from a typical road.
Words truly can’t do it justice. You must look at this video to get a sense of what we’re dealing with:
Known as Tarpon Island, a wealthy private investor named William Toll, and wife Eileen, bought this 2.5-acre property in 1998 for $7.6 million. I have some good news and some bad news if William and Eileen are reading this.
In an intriguing turn of events, it was today made public that Todd and Jim are relisting the house for…
Let’s assume that Todd and Jim receive their desired price and that it takes one month to complete the transaction. In that 90 days they would have made three mortgage payments. A $50 million loan at 3% interest works out to a $210,000 monthly payment. So let’s assume that they made mortgage payments totaling about $630,000.