The Fort Lauderdale Mansion has finally found a new owner as pharmaceutical entrepreneur Bruce Paddock bought the property for $17.16 million.
According to Miami Curbed, the 13,011 square foot Mediterranean mansion had an initial asking price of $25 million and was last sold for $4.6 million in 2000. The construction of the current home began in 2009 by the seller Dennis R. O'Neil, who is the co-owner of the Checkerboard Vineyards in California.
The property which is located on a corner lot at 1831 Southeast 9th Street has a total of seven bedrooms, 10 bathrooms and over 400 feet of water frontage. According to The Real Deal, the mansion also features a chef's kitchen and has exposed ceiling beams located in the main living areas and an expansive wine cellar. The residence has limestone floors, while the exterior of the house features stunning grounds which are littered with sabal palms and shade trees. It is also complete with a brick pathway from the home's backyard all the way to the river.
It was reported that the property was in the market in 2015 with the initial asking price of $25 million. It was named one of the city's most expensive homes. Timothy Elmes of Coldwell Banker who had the listing details for the property revealed that the place was first listed in 2013, and O'Neil rejected an $18 million offer, but after several years on the market, it seems like O'Neil just had to accept Paddock's offer.
Paddock is known to be the founder and former chairman of the company Paddock Laboratories which is a successful manufacturer of pharmaceuticals in the United States. He built the firm in 1978 and decided to sell it to the Perrigo Company in 2011 for $540 million.