Jordanian Princess reduces Palm Beach estate to $13.9 million, lists with Steven Presson “The softer economy is now being reflected in pricing changes and price points in the luxury market not seen since 2005,” says Corcoran’s Steven Presson.
BigNews.Biz - Oct 03,2010 - Jordanian Princess Alia bint Al-Hussein, half-sister of King Abdullah II, ruler of Jordan has approved a reduction in the selling price one of her posh Palm Beach mansions – reduced to $13.9 million from a year ago when it was on the market for $17.5 million.
The elegant lakefront home at 1320 North Lake Way in Eden Villa was originally purchased by the princess and her husband, Mohammad Anwar Farid Al-Saleh in July 2008 for $11-million from diamond mogul, Thomas Shane, CEO of Denver, Colo.-based Shane Company, one of the largest direct diamond importers in the country.
Steven Presson of the Corcoran Group is the listing agent for the home and is one of Corcoran’s top agents specializing in luxury properties in Palm Beach County. Presson describes the 10,320-square-foot house on his website as a "classical Mediterranean villa [that] fulfills your every desire in upscale living."
The seven-bedroom villa has Italian tile floors and 10-foot high ceilings. There is a plush tropical garden near the 60-foot lap pool and cabana, which has a kitchen. In addition, the lakefront property has a 150-foot deep dock capable of handling luxury sea-going vessel over 100-feet in length.
According to Steven Presson, “The newly reduced price reflects a softening of prices in the luxury market where some property values have fallen to levels not seen since 2005.” According to the Palm Beach County Property Appraiser's Office, the market value of the estate was $10.6 million in 2008 placing it on the higher end of the current of properties in the over $10-million range in Palm Beach.
The princess is the eldest daughter of the late King Hussein, who died in 1999, and his first of four wives, Egyptian-born Sharifa Dina bint Abdul-Hamid or "Queen Dina," whom he divorced in 1957.
About The Corcoran Group - For over thirty years, The Corcoran Group has exemplified a steadfast commitment to service, creativity and hard work. The company was founded in 1973 as New York City began an historic transition from being a market predominately composed of rentals to one of individual ownership. Corcoran grasped the implications of this change by targeting specific neighborhoods and concentrating on higher-end properties. With that strategy, we quickly rose to prominence and thanks also to the acquisition of major real estate companies in Manhattan and Brooklyn, today we are the largest residential real estate firm in New York City.