Game over for Veronica Hearst; socialite’s 28,000-sq-ft Villa Venezia mansion in Manalapan, FL sells at an auction for $22M, eight years after she bought it for almost $30M
It’s the end of the line for Veronica Hearst’s ownership of her 28,000-square-foot Villa Venezia mansion on 3.77 acres in Manalapan, Fla., which sold at a foreclosure auction in Florida today for $22 million. The Dutch-born socialite had purchased the 52-room oceanfront estate, at 1100 S. Ocean Blvd. in Manalapan/Lantana in 2000 for $29,870,807, according to public records. After a period of profligate spending by Hearst, however, the mansion found itself headed toward foreclosure. In recent months, Hearst had found a way to restructure her borrowings to forestall foreclosure of the estate, despite its whopping $373,838.55 property tax bill in 2007 alone. Our friends over at the Real Estalker wrote a terrific post on the subject back on December 16. More recently, though, Hearst’s fortunes took a turn for the worse, prompting today’s foreclosure sale. The Palm Beach Post filed a fine report today on the estate’s sale. The buyer is the plaintiff in the foreclosure action—a lender that had loaned more than $40 million to Hearst. The New York Post’s Page Six provided an excellent update on the subject on February 5, followed by even more detail in the New York Daily News on Friday. In preparation for today’s action, Hearst reportedly had placed her Fifth Avenue apartment in Manhattan up as collateral, as well as her 45-acre lakeside estate in New Castle, N.Y. Now, with the mansion not fetching anywhere near $40 million, Hearst’s lender has the option to auction off those properties as well, the Daily News reported. Built in 1930 (according to news accounts) or 1929 (according to public records) for the great-grandson of rail baron Cornelius Vanderbilt, Villa Venezia had been listed by Hearst last year for $27 million.
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