Plaxico Burress Lighthouse Point Intracoastal Property Withdrawn
2249 NE 26th Street, Lighthouse Point, FL 33064
As many of you know, South Florida is home to a large number of Celebrities with famous Intracoastal property and waterfront estates and magnificent South Florida Mansions, all of whom gravitate to Palm Beach County, Broward County and Dade County to enjoy the luxury South Florida lifestyle. We have Political commentators like Rush Limbaugh, and Politicians (think The Kennedy’s), movie stars (such as Celine Dion), Real Estate Moguls (Donald Trump), Heirs and Heiresses (the Barney Family – Smith Barney), numerous Sports stars (Andy Roddick, Bernhard Langer) and a few other celebrities just to drop a few names.
One such celebrity (or at least his Lighthouse Point Intracoastal Property that is) has also been in the news recently…the home of NFL Football player, wide receiver Plaxico Burress and his wife, Tiffany, who incidentally is a personal injury attorney licensed in New York and New Jersey.
According to the Broward County Court Records, a Lis Pendens (a notice of foreclosure action) was filed on behalf of his original mortgage lender, which Plaxico Burress took out in 2005, when he purchased the Luxury Intracoastal property in Lighthouse Point. The mortgage lender, Deutsche Bank (via American Home Mortgage), filed court documents to foreclose on the Lighthouse Point Intracoastal property belonging to Plaxico Burress on January 26, 2010.
Mr. Burress has an Option Arm mortgage product (that is one of those Negative Amortization Loans) and which is tied to the LIBOR index. Basically, in simple terms, Plaxico Burress has been deferring the mortgage interest (provided he made the minimum payment only option on the mortgage loan) which would then get added to the back end of the mortgage loan – increasing the total overall principal loan amount.
Plaxico Burress’ NFL career as a wide receiver has had a bit of a roller coaster ride along with our South Florida Real Estate market in recent years.
He is originally from Norfolk, Virginia and began playing professional football in the NFL in 2000 when he signed as a wide receiver with the Pittsburg Steelers. In 2005, he went to the New York Giants until about 2008 (he had signed a 5 year $35 million dollar deal with them after a very successful 2007 Super Bowl season, but that went south when in November he accidentally shot himself in the leg at a New York nightclub supposedly with an unregistered weapon) – oops. He then spent 21 months in jail and has been out of the game until now. He recently signed a $3.017 million contract for one year with the New York Jets after having been out of the NFL for about two years.
The Lighthouse point Intracoastal property that Mr. Burress and his family purchased on September 19, 2005, is located in the community of Hillsboro Isles, which is in a beautiful area of Lighthouse Point overlooking the Intracoastal Waterway, and was built by REMI Developers for which Plaxico Burress paid $3,995,000.
What I can tell you about the Lighthouse Point Intracoastal property according to the prior MLS listings (and I am condensing and paraphrasing as it was listed on the MLS more than once since April 2010), is that it is an Old World Mediterranean style estate property on the Intracoastal waterway with 5 bedrooms, 6 full bathrooms, one half bathroom, a private elevator, in-ground pool and spa, and has 100 feet of waterfront dockage to tie up a yacht on the Fraser Waterway (that is the name of the Intracoastal canal that the house overlooks – yes, Intracoastal waterways and canals here have names here just like streets do). There is also a movie theatre with stadium seating (guess that comes with the job) as well as a summer kitchen off the pool area. There are no fixed bridges on this particular stretch of the Intracoastal and this Lighthouse Point waterfront property is minutes from the Hillsboro Inlet with ease of access to the Atlantic Ocean.
The original list price of this majestic Lighthouse Point waterfront property back in April of 2010, was $3,100,000 and since that time, has been reduced down to $1,565,000. It was listed recently as a short sale but taken off the market and withdrawn after just 1 day. Curious.
I wonder if he has had a change of heart (and if his mortgage lender will now play ball – no pun intended J) now that he just signed on the dotted line with the New York Jets and has a NFL contract in place. I hope that he doesn’t sell this lighthouse Point Intracoastal property and continues to be a part of this wonderful Broward County Community.
Time will tell.
Image courtesy of Macken Realty, Inc.