Included is the Sales Data as mentioned in the Palm Beach Real Estate Guide.

Veronica Hearst, widow of famed publisher Randolph Hearst, was recently able to sell a New York property for a reported $36.5 million – enough to pay off her debt on her Manalapan mansion with some left over.

Hearst was behind on a $47 million mortgage from lender New Stream Capital.  In February, the lender paid $22 million at a foreclosure auction for the property.  The next month, it is reported that Franklin L. Haney paid New Stream $23.5 million for the 28,000 square foot mansion, cutting Hearst’s debt to New Stream in half.

The sale of the property in New York has settled her account completely and left her with some cash for herself, according to her attorney.

Once again, amid news that Palm Beach County’s property values are plummeting, the towns of Palm Beach and Manalapan continue to see their property values rise.

According to the Property Appraiser’s office, overall property values in Palm Beach County fell by 7% within the past year – except for 5 towns which saw their numbers rise.

Out of the County’s 38 municipalities, Palm Beach, Manalapan, Mangonia Park, Gulf Stream and Jupiter Inlet Colony were the only ones to see an upswing in their estimated taxable value from 2007 to 2008.

The largest rise is in Manalapan, with a 7.23% increase, next is Palm Beach with a 6.18% rise, Jupiter Inlet Colony’ value rose 3.09%,  Mangonia Park and Gulf Stream round out the last of the rising property values with 1.77% and 1.71%, respectively.

One of the country’s most expensive residences, the Hearst mansion, sold at a foreclosure auction on Monday for a bid of $22 million from New Stream Capital.  According to the attorney representing Veronica Hearst, the property will go back on the market so the creditor can recoup its investment.

The 20,000 square foot home was designed by Maurice Fatio and bought by Randolph Hearst in mid-2000 for $29.87 million, at that time the highest sale price on record in the state.  Hearst passed away six months later, leaving his widow Veronica without the means to maintain the property.

Veronica Hearst borrowed millions against the home’s value to pay for property taxes and renovations.  She sold 150 feet on the property’s south end for $6.2 million, explaining that potential buyers were uncomfortable with the considerable size of the home.  She stated that, with an older property – the home was built in 1929 – you can either destroy it or refurbish it, and her decision as the owner was to refurbish it.

However, to some, any change to the historic home is unacceptable.  According to one source, the daughter of the architect who designed the home says that any variation from the original design is wrong. 

The home is located at 1100 S. Ocean Blvd. in Manalapan, which does not have a preservation board that may have been able to block Hearst’s decision to split the lot if it had been designated a landmark.