Palm Beach mansion in $24M foreclosure - Bizjournals.com (blog)

There have been thousands of foreclosures on homes in South Florida, but none like this: a $24 million mortgage on an oceanfront mansion in Palm Beach.

I'm talking 15,849 square feet at 101 Casa Bendita. The real estate taxes in 2011 were $273,974. That's more than most houses in Palm Beach County cost.

The home belongs to Robert V. Matthews – for now. DB Private Wealth Mortgage filed a lawsuit Sept. 15. It concerns a mortgage modified at $24 million in 2008. West Palm Beach attorney Allen Tomlinson, who represents the lender, could not be reached for comment.

The lot was purchased for $14.95 million in 2006, and then the home was constructed with six bedrooms and nine bathrooms. It is listed for sale for a whopping $44 million.

So, who is Matthews? The New York Times described him as a friend of former Connecticut Gov. John G. Rowland. He is also a real estate investor, but that hasn't gone well for him lately.

The Business Journal has reported that Matthews lost four commercial projects to foreclosure: two office buildings on Palm Beach's pricey Royal Palm Way, the River Bend Marine Center in Fort Lauderdale and an unfinished hotel lot in Palm Beach.

Matthews lost those properties, but can he save his home?

24 Sep, 2011

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