Late actor’s former Fort Lauderdale home sells for $2.6 million

| Jan 12, 2021 | Firm News

In Fort Lauderdale, Pembroke Pines, Hollywood, Weston and other affluent enclaves in this part of Florida, real estate transactions can be complex. Some purchase property because they want to invest and improve their portfolio; others are combining their business interests with their desire to live in the warm Florida air, be close to water and take part in leisure activities. Keeping track of recent real estate transactions can be useful for people who are considering buying or selling. A recent sale of a late actor and singer’s luxury property can give a guideline to those who are interested in the real estate market.

David Cassidy’s former home sells to relocating California investors

The Partridge Family actor and singer David Cassidy died in 2017. His former home in Fort Lauderdale was recently sold for $2.6 million. The property is located on the waterfront. The buyers are a real estate investor and her husband who purchased it from a Maryland man who had acquired it in a bankruptcy auction six years ago. The new owners are set to move to Florida from Los Angeles. For now, it is listed as a rental for $25,000 monthly.

The owners intend to rent it as they set about plans for its modernization. They are going to try to televise the renovation. The lot is slightly more than 19,000 square feet. A rising tide of people are moving to Florida from California, attracted by the friendly state taxes and agreeable weather.  This purchase is indicative of several aspects of real estate that people may be concerned with as they seek to buy or sell. Mr. Cassidy experienced financial challenges that led to a bankruptcy and surrendering his assets – including the property that was just sold. Its value increased from $1.1 million when he bought it in 2001 to the $2.6 million it was just sold for. Mr. Cassidy and his wife had renovated it after purchase.

Having legal assistance can be useful with all areas of real estate

As the changing hands and relatively prominent past of those who have owned this house show, there can be many issues that will arise with a luxury property. People can experience financial turmoil and need help with avoiding foreclosure or deciding what to do with the property. Some might want to buy a home for simultaneous relocation and business opportunity. Others may purchase a property in a bankruptcy auction. For these and other issues that will inevitably come up with real estate transactions in the area, it is useful to have experienced and caring legal help.