WEST PALM BEACH, Fla.
— A $400-million home in a wealthy West Palm beach community that was once home to a large pharmaceutical company was sold Wednesday for $4.75 million.
The sale of the 5,000-square-foot, four-bedroom home in the exclusive Palm Beach Gardens neighborhood comes as a growing number of homeowners are struggling with the costs of rising housing costs and the financial pressures that come with being the only American family in a community that’s struggling to keep pace with the influx of foreigners and a new generation of residents.
This is a great community, and this is a good time to sell.
In recent years, the number of Americans buying homes in West Florida has dropped off as the population has grown.
That has forced developers to focus on affordable housing in the city and elsewhere.
The sale includes a 3,800-square foot home at 511 South Boca Ave., which has been on the market for about two years, according to a representative for the property’s developers.
It’s not clear when the property was last sold, but the listing shows it was for $1.8 million, according, according a listing from the real estate website Zillow.
The property’s listing says that it is owned by the family of John and Diane Ruggiero, who bought it in 2014.
The Ruggiers, who live in the 511 S.B. Avenue home, bought the property for $500,000 in 2009.
There’s also a 5,500-square feet home on South Bayside Avenue at the same address, and another on West Palm Boulevard in West Boca Beach.
According to a 2016 property tax report, the Ruggers pay $1,400 per month in property taxes and have $1 million in mortgages on the property.
But there is another home at that address.
The address listed for the Riggieros is for a 1,200-squarefoot home on West Baysideside, which is owned jointly by the Ruggle family and a developer, the listing states.
On that property, the developer has not yet listed its sale.
When asked by The Washington Examiner about the Roggieros’ recent purchase of a home on the same block, the realty website Zilow listed the home as having sold for $3.3 million in 2015, about a year after the Riggs bought it.
At the time, the property had been listed for sale on the Florida real estate websites Zillower.com and Realtor.com.
As of the time of this writing, the home is still listed for $2.9 million.
It’s unclear when the Riggleres sold the property to their family.
But the home was sold in 2016 for $800,000, and the Raggieros had a mortgage on it, according with the listing.
“It’s a very good property,” said neighbor, Kathy Ruggieri, who is a co-owner of a business that specializes in making jewelry and home décor.
She also said the Riggers were happy with the purchase and have moved on with their lives.
We’re not going to let the Rigs buy a home.
That’s not who we are.
We are in West Miami,” she said.
Last week, a group of West Palm residents rallied to protest the RIGGERS’ purchase of the home, which was the site of an armed robbery and robbery attempt in March.
The Riggiers have not yet responded to The Examiner’s request for comment.
The Palm Beach County sheriff’s office has no record of a crime involving the Rigores.
They do not have a suspect in custody, said Sgt. Steve Richey, who said the investigation is still active.
For the RGrs, the acquisition of the property, which the developers are currently working on, is an opportunity to save money and keep their family in West Coast style.