By: E&P Staff
Former press baron Conrad Black is trying again to sell his 17,000-square-foot Palm Beach, Fla., mansion — but don’t expect to go bargain hunting. In fact, he’s bumped the price up another million bucks since failing to sell the estate last year, the Palm Beach Post reported Monday.
Post Staff Writer Linda Rawls reported that Black is asking $37 million for the mansion, $1 million more than the price last year.
Black bought the mansion for $9.9 million in 1997, the Post reported. He also expanded and renovated the home, which was built in 1973 by architect John Volk.
The Palm Beach County appraiser’s office values the house at $7.4 million and the land — which stretches from the oceanfront to the Intracoastal Waterway — at $12.5 million, and the annual property tax bill approaches $400,000, the Post reported. “Insiders think the … land is worth more than the estate,” Rawls wrote.
What’s more, there’s a lien on the mansion, the Post reported. “The Canada Revenue Agency (Black gave up his Canadian citizenship to become a British lord) slapped a lien on the mansion in March, stating in documents filed at the Palm Beach County Courthouse that Black owes more than $10 million to the U.S. in overdue income taxes,” the article reported. It said Black agreed the lien, signing a $10.5 million mortgage as security. The paper said Black has agreed to make payments, but dispute the amount the tax service says he owes.
Black again mortgaged the estate for a second time last month for $10 million, the paper reported.