Mortgage Meltdown Leads to Fire Sale of Key Biscayne Real Estate

By
Real Estate Agent with One Sotheby's International Realty- Miami Beach Real Estate

 

 Vultures circling real estate in Key Biscayne

It seems that Key Biscayne hedge fund manager John Devaney, CEO of United Capital made a bad decision by investing in the mortage market right before it collapsed. 

According to TheStreet.com, Devaney put

"one of his most prized possessions-a 142-foot Trinity yacht dubbed Positive Carry- up for sale along with his $16.5 million second-home in Aspen, CO.  The house, called Sardy House, is the site of the nations' largest living Christmas tree."

Read More About "Scarface Home Goes on Market for $38.5M" at The South Beach Condo Blog

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Kevin Tomlinson

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