Teardown Home in Rosemary Beach

[Smiling JOe]

Has anyone else noticed the $7.88 Million, 4500sf (built in 2001 and sold in June 2007) home in Rosemary, which was torn down last week? I guess it wasn't to their liking. Not to worry about the home owners though. They purchased another home located two lots away for close to $3million, so that they will have a place to live while they complete a new $3 million home on the tear-down lot.

At this point, I would normally ask Shelly for comments, but I can guess his reaction: a fool and his money are soon parted.

RiverOtter, you need to get in tight with those homeboys of yours.

 

[RB]

I heard they were going to tear it down but i didn't believe it. i figured it was just more urban legend. WOW

 

[slandmarks]

http://www.wjhg.com/home/headlines/12483826.html



Multi-Million Dollar House Being Torn Down



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Here's a story that might blow your mind. A Tennessee millionaire is demolishing the 7-point-8 million dollar south Walton County home he just bought in June.

Heavy equipment began tearing down a home in Rosemary Beach a couple of days ago. The house is owned by Lyle Finley, a Chattanooga businessman, and one of the foremost art collectors in the country.

In June, he paid 7-point-8 million for the house. But neighbors tells us there was an issue with mold. Apparently Finley decided against mold removal, and is demolishing the house instead.

The house was only 6-years old.

No word on what he plans to build in it's place.

 

[Bobby J]

Wow!

 

[Smiling JOe]

From what I hear, the new home will be much larger than the original home. They did salvage the mahogany doors and wooden windows, appliances, and counters, but most everything else was torn down.

 

[scooterbug44]

I would have had an inspection to find out if there WAS mold before plunking down 7.8 million, but I can understand why they would want to just tear down a moldy house.

Good for the local economy if they rebuild bigger .

 

[Smiling JOe]

Word on the street is that the rebuild will be paid in cash.

 

[Matt J]

From what I hear, the new home will be much larger than the original home. They did salvage the mahogany doors and wooden windows, appliances, and counters, but most everything else was torn down.

Watch the video of the tear down, looks to me like the windows were intact when they were tearing it down. Of course if you can afford to tear down a 7.8 million house (I know the lot price was included in that) then you're probably not too worried about a few windows and doors.

Word on the street is that the rebuild will be paid in cash.

Most likely, apparently the owner is one of the largest private art collectors in the US/World?

 

[scooterbug44]

They can't reuse the old exterior doors and windows because they wouldn't meet the current building code.

 

[JUL]

Watch the video of the tear down, looks to me like the windows were intact when they were tearing it down. Of course if you can afford to tear down a 7.8 million house (I know the lot price was included in that) then you're probably not too worried about a few windows and doors.



Most likely, apparently the owner is one of the largest private art collectors in the US/World?

I wonder what he would pay for may art?