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Why is someone tearing down beach home after paying $25M?

April 28, 2019

NAPLES, Fla. (AP) — A real estate agent says an ocean-front Florida home that recently sold for $25.5 million is headed for demolition.

The three-bedroom, 70-year-old Naples beach house sits on nearly two acres overlooking the Gulf of Mexico. It was purchased last month after the previous owners died.

It last sold in 1987 for $1.275 million.

The identity of the new owners has not been disclosed, but Kathy Morris, a real estate agent who found the buyer, said the home is not a fixer-upper and said it was not in livable condition.

Tearing down multi-million dollar homes has been a common trend in the upscale neighborhood in recent years.

The Fort Myers News-Press reports that last year another buyer purchased a mega-mansion for $48.8 million and tore it down five months later.

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Information from: The (Fort Myers, Fla.) News-Press, http://www.news-press.com

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