Local timeshare mogul, David Siegel, has put his unfinished mansion on 10 acres along Lake Butler named “Versailles” in the guard gated community of Reserve at Lake Butler Sound in the Town of Windermere for sale at $75 million “As Is”.
It’s actually listed at $100 million in the MLS which is the price if you want it finished to your specs.
I’m sure most buyers will be buying this property with cash, but if you were to buy this home at $100 million and get a 30 year mortgage at 4.51% with 20% down, the monthly payments would be $405,824 plus taxes and insurance.
I realize we’re talking about $75 million, but the “As Is” price is a better deal. Whether or not $75 million is a good price is another debate altogether.
Depending on what stage of construction this home is in, I can find contractors all day long that’ll complete this home for less than $25 million. From the photos, it appears this home is at drywall stage which means it’s only a matter of putting on the finishing touches.
It has 66,800 square feet (not 90,000 sq ft as reported in the news), 13 bedrooms, 23 bathrooms, 20 Car Garage, and the architecture is based on the residence of Louis the XIV.
It’s being hailed as the most expensive home in America by WSJ but it’s no where near the house Zillow zestimates at $270,408,000. The home that previously held this title was the oceanfront Portabello in Corona Del Mar, California.
A site has been set up for the mansion at http://www.lakebutlermansion.com with all the photos and videos available on this property.
It’s been on the market for nearly 2 months but somehow the press has gotten news of it recently.
Folks around these parts all know that David Siegel made his fortune through Westgate Resorts, the premier timeshare in Central Florida.
He’s also known for his former home on Lake Butler Palazzo del Lago which his former wife, Betty Whitaker, currently resides in.
I’ll gladly set up a private viewing of this estate with the right credentials so Contact Me.