Lil Wayne in front of his newly purchased waterfront mansion in Miami Beach. (Credit Realtor, Getty Images, and iStock)

Young Weezy’s got money, and he just spent nearly $17 million of it on a waterfront mansion in Miami Beach.

Property records show Lil Wayne is behind the buying entity, 6480 Allison Road Ventures LLC, using his real name Dwayne Michael Carter Jr. Spec home developer Laurent Harrari sold the 10,6320-square-foot, seven-bedroom home at 6480 Allison Road.

The Wall Street Journal first reported the purchase.

Harrari’s company paid $4.4 million for the 23,760-square-foot lot in 2013. The mansion was built in 2017. The property features a great room with 22-foot ceilings, a movie theater with suede wall coverings and two “living” walls of plants.

The property first hit the market in 2015 for $24 million, according to Realtor.com

Lil Wayne sold his house at 94 La Gorce Circle on La Gorce Island for $10 million in June 2017, at a loss, after listing it in 2015 for $18 million. That property, which featured a skate park on the roof and a shark lagoon, was the subject of a swatting incident, where police were falsely sent to the home.

Ty Forkner of One Sotheby’s International Realty represented the rapper, and Mirce Curkoski and Albert Justo, also of One Sotheby’s, represented the seller in the latest deal. [WSJ] – Katherine Kallergis

Robert Reffkin and Robert Lehman (Credit: Compass and iStock)

Over the past year, Compass has offered agents business loans and the option to buy company stock. Now, it’s launching a Compass-branded credit card.

The residential brokerage announced the “Compass Card” on Wednesday at a biannual retreat in Los Angeles, which attracted some 2,500 agents.

Chief Growth Officer Rob Lehman described the card as a solution “for all your business needs,” Inman reported. Agents who use the card will pay back charges on their “own timelines,” he said.

Compass offered few other details about the card — such as who will be eligible, which bank is issuing the card and what interest rates will apply. It’s also unclear if the card has any restrictions.

Launched in 2012, Compass has raised $1.2 billion from investors to date. The company was valued at $4.4 billion following an investment in September by SoftBank and Qatar Investment Authority.

Over the past year, Compass has launched a slew of products and services, including illuminated brokerage signs; a health insurance offering; and an equity program that lets agents invest in Compass stock options. Compass also launched a business loan program for agents that is on track to lend $100 million by the end of 2019.

It’s also expanding geographically at breakneck pace. Compass started the year with 30 offices and will finish the year with 150. By next year, it will have 300, Lehman said. [Inman] — E.B. Solomont

Ocean Land Investments opens AquaBlu

Ocean Land Investments celebrated the grand opening of AquaBlu, its newest boutique condo project in Fort Lauderdale.

The 17-story condominium at 920 Intracoastal Drive features 35 residences with prices starting at about $1.75 million. Ocean Land, led by Jean Francois Roy, broke ground on the project in 2016.

AquaBlue marks Ocean Land’s fifth completed boutique condo project on Fort Lauderdale’s Intracoastal Waterway. Other projects include AquaLuna, AquaVita, AquaVue and AquaMar.

Keyes celebrates new Boynton Beach office

The Keyes Company celebrated the grand opening of its new Boynton West office with a ribbon cutting ceremony.

The office, at 877 West Boynton Beach Boulevard, is home to 33 agents. Keyes’ Illustrated Properties purchased Palm Beach County Realty Group of Boynton Beach in the summer. The deal marked Keyes’ seventh acquisition over the past year.

(Credit: iStock)

It’s not even 2019 and Chicago’s residential real estate market is already bracing for a bad year.

Chicago will have the weakest housing market in the U.S. in 2019 with declines in the number of homes sales and in median home price, according to a Realtor.com survey of 100 U.S. metro areas.

The estimate shows Chicago home sales numbers will fall 7.4 percent, while median sales price will be down 1.9 percent, according to Crain’s which first reported on the findings.

The numbers are more positive in Miami, Los Angeles and New York.

The Miami-Fort Lauderdale-West Palm Beach market is expected to see the number of home sales grow 3.3 percent, with home prices rising 5 percent. The housing market that had the brightest outlook, according to the survey, is in Lakeland/Winter Haven, Florida, with predicted home sales growth of 5 percent and price growth of 7.4 percent.

In Los Angeles-Long Beach-Anaheim, sales will grow 2.2 percent, while prices will increase 5.4 percent.

The New York metro area will experience a modest sales gain of 0.4 percent, with a bigger price growth of 3 percent. Realtor.com’s report noted that the survey was conducted before Amazon’s decision to move part of its HQ2 to Long Island City, which will likely affect those numbers.

For Chicago, slower population and employment growth compared to the rest of the country are hurting the local housing market, Crain’s reported. While the number of metro areas with critically low inventory of homes on the market is easing nationwide, that isn’t the case in Chicago. [Crain’s] — John O’Brien

Next week there will be two real estate events in South Florida.

On Dec. 4, Bisnow is hosting its Palm Beach County State of the Market from 8 a.m. to 11:30 a.m. at Esperante Corporate Center, 222 Lakeside Avenue. Come and discuss which cities are driving development in the South Florida market, who is investing in these areas and more. Bruce Toll of BET Investments, Jay Parker of Douglas Elliman, Peter Crane of PEBB Enterprises, among others, will provide speeches at the event.

Also on Dec. 4, the NAIOP South Florida chapter is hosting its Gemstone/Member Appreciation Holiday Party on Dec. 4. Attend for an evening of fun and golf!

To search for future industry events or browse past ones, click here. And to submit more industry events, please reach out to events@therealdeal.com.

2217 Northwest Miami Court, Miami (Credit: iStock)

Quadrum Global just picked up a development site in Wynwood.

Remy Jacobson’s Wynwood Design Center LLC sold the 30,000-square-foot property at 2217 and 2233 Northwest Miami Court to Quadrum Pacific LLC, according to Metro 1. The $8.55 million deal closed on Thursday.

Quadrum Global, an international real estate investment and development firm, owns the Nautilus South Beach, a 250-key hotel at 1825 Collins Avenue in Miami Beach. The company also owns two Arlo-branded hotels in New York City, as well as hotels in Chicago and Orlando, and commercial properties in London, Kiev and the country of Georgia. The Nautilus is being marketed for sale and brokers could sell for as much as $180 million.

The Wynwood property is zoned T6-8-O, allowing for buildings of up to 12 stories and about 248,000 square feet of development with bonuses, according to the property flier. About 103 residential units or 203 hotel rooms can be built on the site, which currently includes a 19,065-square-foot warehouse.

Construction cranes are taking over Wynwood. Goldman Properties just completed the first parking garage in Wynwood at 301 Northwest 26th Street, and a number of apartment, office and retail projects are underway. A few hotels have been proposed, including one from former Miami Beach mayor Philip Levine and developer Scott Robins, but none have broken ground yet.

Tony Cho and Andres Nava of Metro 1 represented the seller and Fabian Graff brought the buyer. The Miami Herald first reported the sale.

Quadrum Global could not immediately be reached for comment.

From left: Jared Kushner, Josh Kushner, and Ryan Williams in Sunset Park (Credit: Getty Images)

Cadre, the real estate crowdfunding platform partially owned by Jared and Josh Kushner, is leaping headfirst into the Opportunity Zone craze.

Cadre’s CEO Ryan Williams tweeted about the launch on Friday morning, framing it as an opportunity for investors to deploy funds into “under-served markets throughout the U.S.”

Cadre was also a major sponsor of an Opportunity Zones conference in New York City on Thursday, though it didn’t announce what cities it would target.

The program, enacted as part of the Trump administration’s tax overhaul, provides tax deferments and tax breaks for developers who invest in projects in designated low-income neighborhoods across the country. Those who make qualified investments in an opportunity zone can defer capital-gains taxes from an unrelated investment, and any gains on an investment in the zone are tax exempt as long as they’re held for a decade. Treasury Secretary Steven Mnuchin believes the program will spur $100 billion in capital investment across the country.

Though the size of Cadre’s Opportunity Zone funds was not disclosed, the firm will join the ranks of established real estate players who are placing sizable bets on the program. In the last two months, Skybridge Capital, RXR Realty, Normandy Real Estate Partners, YoungWoo & Associates, Toby Moskovits and Somerset Partners have all announced plans for funds at $100 million or more.

In October, The Real Deal profiled Williams, who left Blackstone Group and launched Cadre in 2014 alongside the Kushner brothers. Cadre raised $65 million in a Series C funding round last year for what was a reported $800 million valuation. It also has a $250 million partnership with Goldman Sachs, which pledged to allow its wealth management clients use the Cadre platform.

Senior White House adviser Jared Kushner, who, according to a federal disclosure form owns a Cadre stake valued at between $5 million and $25 million, has also not fully divested from his family’s real estate business. WNYC reported that his family firm Kushner Companies has at least 10 properties in Opportunity Zones. Cadre says neither Kushner brother is involved in the decision-making at the firm.

Magna Hospitality Group’s Robert Indeglia and the Las Olas Resort. (Credit Magna Hospitality Group, Expedia, and iStock)

The new owners of an embattled Fort Lauderdale Beach hotel project just secured a $51.5 million loan to complete construction of the building.

A company tied to Rhode Island-based Magna Hospitality Group can now finish the 12-story, 136-room hotel at 550 Seabreeze Boulevard, known as Las Olas Resort, that is about 70 percent complete.

The project came to a halt in January after Bancorp Bank filed a foreclosure suit of $37.6 million against the previous owners. The development group then filed for Chapter 11 bankruptcy in February, which allowed Magna Hospitality to buy the property at auction.

The previous development group, led by Ray Parello, Ken Bernstein and Jack and Eugene Kessler, were longtime associates or employees of Turnberry Associates, the Aventura-based development group led by the Soffer family. About $30 million of the project’s initial financing came from 60 EB-5 investors, a federal cash for visa program.

More than 20 of these EB-5 investors are now suing the former development group, alleging that it misled them on the project.

Magna Hospitality is a privately held hotel real estate investment firm that owns and operates more than 20 hotels, according to its website. The company did not immediately respond to a request to comment.

Because Magna Hospitality acquired the property out of bankruptcy, it is not responsible for any liens or claims, including any of the EB-5 fallout, according to court documents. Though the project is more than 70 percent completed, court documents show it could require another year of construction.

Rhode Island-based company Magna will use the same contractor and many of the same subcontractors on the remaining work. Magna has agreed to comply with certain reporting guidelines that will assist the EB-5 investors, but only in obtaining their visas.

J. Michael Fried of Phoenix Realty and the Hamptons at North Lauderdale (Credit Apartments and Phoenix Realty Group)

New York-based Phoenix Realty just paid $69.7 million for an apartment complex in North Lauderdale, more than 22 percent what the property traded for just two years ago.

Parrots Landing LLC, which is managed by Sewesattie Ramsamooj of Parkland, sold the 408-unit, 17-acre development at 7900 Hampton Boulevard for about $171,000 per unit, property records show. Parrots Landing bought The Hamptons at North Lauderdale property in 2016 for $53.8 million.

The apartments range from one-bedrooms, starting at $1,175, to three-bedrooms, starting at $1,620, according to Apartments.com.

Phoenix Realty is led by J. Michael Fried, who was previously the founder and CEO of Related Capital Company (the real estate financial services arm of The Related Companies), according to the firm’s website.

The purchase signals a growing interest in Class B multifamily properties in western Broward County and in areas outside the urban core.

The majority of the top multifamily deals in South Florida between August 2017 and July 2018 were for apartment buildings located in suburban cities west of I-95, the Florida Turnpike and the Palmetto Expressway. Over the next three years, Robert Given of Cushman Wakefield previously said he expects institutional investors’ appetite for suburban assets to continue based on millennials moving into these areas.

Clockwise from top left: Federal Reserve issues warning about the effects of rising commercial real estate prices, firm plans $1B worth of co-living inventory as arrangement’s popularity grows, entrepreneur who claims he was a Compass co-founder seeks $200M in suit and Airbnb taps a former Amazon executive to be its new CFO.

Fed, highlighting asset bubble dangers, red flags rising commercial real estate prices
A report released Wednesday by the Federal Reserve warns that soaring commercial real estate prices across the country could harm financial markets, according to the Wall Street Journal. The warning came from the Fed’s first-ever financial stability report, which cited “elevated asset prices, historically high debt owed by U.S. businesses and rising issuances of risky debt” as factors posing the biggest problems for the country’s financial system. The report also pointed to asset bubbles, and not inflation, as the impetus for the past two recessions. Fed Chairman Jerome Powell spoke about the subject Wednesday at The Economic Club of New York. [TRD]

Firm plans $1B worth of co-living inventory as arrangement’s popularity grows
Property Markets Group is going all in on co-living. The New York-based firm is planning to roll out $1 billion worth of co-living inventory and is partnering with Raven Capital Management to commit $300 million in equity to a “multifamily housing division” known as X Social Communities. PMG, which was one of the first developers to board the co-living train, currently offers co-living units in Chicago and Miami. The company is planning to put co-living apartments on the market in Fort Lauderdale and Miami, among other locales. “Our product provides incredible value to our customers,” PMG principal Noah Gottlieb said. [TRD]

Entrepreneur suing Compass revealed to be seeking $200M
A tech entrepreneur who claims Compass used his ideas to found the company without crediting or compensating him is seeking a stake in the business now worth roughly $200 million. Avi Dorfman sued the SoftBank-backed brokerage and its CEO Robert Reffkin four years ago, but his specific monetary claim was not initially disclosed and subsequently redacted in court filings. During a recent court hearing in New York, it was revealed that Dorfman believes he was entitled to a 15 percent stake in Compass at the time of its founding. After multiple funding rounds by the company, which was recently valued at $4.4 billion, Dorfman’s potential stake would be diluted to about 4 percent. “We believe Mr. Dorfman has a very strong claim as one of the founders of Compass,” his attorney, Susman Godfrey partner Arun Subramanian, told TRD. Compass claims Dorfman turned down a job he was offered at the company to work at a hedge fund instead. [TRD]

Airbnb taps Amazon exec to be its new CFO
A former Amazon executive will take the lead on Airbnb’s finances starting in January, Bloomberg reported. The home-sharing startup has hired Dave Stephenson, who was vice president and chief financial officer of Amazon’s worldwide consumer organization, to be its new CFO as it ramps up for an initial public offering. Stephenson oversaw global website sales at Amazon, and is filling a position that has been vacant since Laurence Tosi left Airbnb in February over reported differences with the company’s CEO. Airbnb, which has a private valuation of $31 billion, is reportedly preparing to launch an IPO by 2020. [TRD]

MAJOR MARKET HIGHLIGHTS

HUD’s New York head to move into a NYCHA building amid utility outages
Lynne Patton, who oversees the Department of Housing and Urban Development for the New York region, said she plans to move into a New York City Housing Authority building to protest and shed light on the lack of heat and hot water at NYCHA buildings throughout the city, PIX11 first reported. In a tweet, Patton, who was appointed by President Donald Trump in 2017, wrote that “[basic human conditions are non-negotiable.” In February, the Trump administration proposed a multibillion-dollar budget cut that would slash financial support for a fund that benefits NYCHA and other public housing authorities. [TRD]

Chicago home prices rise, but still fall short nationally
Home prices in Chicago are on the rise, but they still aren’t as high as they are nationwide on average, Crain’s reported. Prices rose 3 percent in September after rising for six straight months, but the national average was 5.5 percent, according to data from S&P CoreLogic Case-Shiller. “Home prices plus data on house sales and construction confirm the slowdown in housing,” David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a statement provided to Crain’s. Nevertheless, the Windy City still ranks as the second-most affordable large city in the country to buy a home. [TRD]

Mansion in Florida sets sales record, only to be demolished and replaced
A mansion in Naples that set the record for the priciest home sale in Southwest Florida no longer exists. The 24-year-old mansion on Gordon Drive was demolished by its buyer, 2500 Gordon Land Trust, which plans to build a new home at the site. The six-bedroom mansion was built in 1994 and was originally listed for $60.9 million, but ended up selling for $48.8 million in June. Architect John Cooney will design the new home at the site and Newbury North Associates will build it, according to the Naples Daily News. [TRD]

Deadly Woolsey Fire leaves LA and Ventura counties with $5B in damage
Los Angeles and Ventura counties are still recovering from California’s catastrophic Woolsey Fire and face up to $5 billion in real estate damages as a result of the blaze, according to an estimate by property data firm CoreLogic. That figure could include anywhere from $3.5 billion to $4.5 billion in residential property damage, as well as up to $500 million in commercial property damage, the OC Register reported. The Woolsey Fire, one of several blazes to tear across the Golden State in November, killed three people and left three firefighters injured before it was contained on Nov. 21. It also destroyed more than 1,600 structures and burned nearly 97,000 acres of land. [TRD]

Seattle’s housing market sees a decline as Amazon looks to the East Coast
With all eyes on Amazon’s East Coast plans, growth in the e-commerce giant’s hometown of Seattle has been waning, the Wall Street Journal reported. Bidding wars on properties in the city declined as Amazon spent the past six months searching for a locale for its so-called HQ2, and median growth is the slowest it has been in Seattle since January 2013, according to the outlet. Landlords, meanwhile, have been offering perks like Amazon gift cards and free rent in an attempt to entice tenants and buyers. “If you’ve got that much going on and you’re really trying to get New york and Virginia up and running, you have a tendency to ignore Seattle,” RealPage chief economist Greg Willett told the newspaper. [TRD]

Google drops $1B for office complex near its Mountain View headquarters
Alphabet, Google’s parent company, has snapped up a business park in California for $1 billion, Bloomberg reported. Alphabet recently bought Shoreline Technology Park, which is not far from its “Googleplex” Mountain View headquarters. Google also recently bought office space in Sunnyvale and is hoping to build a new development in San Jose, though its plans have been stymied by legal issues. Earlier this year, Google bought the Chelsea Market building in Manhattan for $2.4 billion. The internet search giant’s latest purchase comes not long after Amazon’s HQ2 announcement, as well as the latter’s announced plans to open a regional hub in Nashville. [TRD]

Airbnb stopped operating in the West Bank because of disputes over the territory between Israelis and Palestinians.

Florida Governor-elect Ron DeSantis may push for a ban on state employees using Airbnb while traveling on official business because the home-sharing network has stopped operating in the West Bank region of Israel.

Florida Governor-elect Ron DeSantis

Airbnb last week announced that it delisted short-term rental properties in the West Bank because it is  a that Israelis and Palestinians have claimed, a move that Palestinians praised and Israelis protested.

Israel’s Strategic Affairs Minister Gilad Erdan said the Israeli government planned to “approach the U.S. government because 25 U.S. states have sanctions against American companies that boycott Israel.”

DeSantis said Florida law prohibits the state government from doing business with companies that boycott or sanction Israel, so the state may prohibit its employees from renting Airbnb properties for official travel.

“We are reviewing that now,” DeSantis said Monday at a press conference. “I know that state workers can use Airbnb for official travel. That is not going to be acceptable with me as governor.”

In a statement delivered to WFTV-Channel 9 in Orlando, Airbnb said it still lists thousands of short-term rental properties in parts of Israel outside the West Bank. [WFTV] – Mike Seemuth

Design Center of the Americas

A $172.9 million loan secured by the Design Center of the Americas (DCOTA) in Dania Beach has been sent back to special servicing ahead of its extended maturity date in February.

DCOTA, located just south of Fort Lauderdale-Hollywood International Airport, is a 782,986-square-foot property at 1855 Griffin Road that serves as collateral for the loan in the form of commercial mortgage-backed securities (CMBS).

Built as an interior design showroom, DCOTA was converted to general office use after some of the firms that sold furniture, kitchen products and bathroom products there vacated the property.

The property’s owner, Cohen Brothers Realty Corporation, has leased 100,000 square feet of DCOTA as the headquarters of online retailer Chewy.com.

In 2012, the CMBS loan on the property went into special servicing, and terms of the loan were modified.

The modifications trimmed the loan’s interest rate and extended its maturity date for a two-year term that ended in August 2017, when the borrower exercised one of two options to extend the maturity date for 18 months to February 2019. [Trepp Wire] – Mike Seemuth

Brian Tuttle (Credit: South Florida Business Journal)

Developer Brian Tuttle sold 14 acres in unincorporated Palm Beach County for $2.85 million to home builder DR Horton.

The 14 acres, located off Purdy Road near Palm Springs, is a rezoned property with site plan approval for construction of 54 houses.

Tuttle, who runs Tuttle Land Development, bought the land about two months ago for $1.65 million.

A spokeswoman for DR Horton told the Sun-Sentinel that construction is expected to start in the spring at the 14-acre site, which will be named Jaxon Park.

Prices are expected to range from $299,000 to $399,000 for houses with three to five bedrooms and 1,500 square feet to 2,500 square feet of interior space.

In September, Tuttle announced that he sold 30 acres in Lake Worth for $16.6 million to FCI Residential, an arm of sugar cane giant Florida Crystals, which plans to build as many as 362 apartments on the site at 8238 Lake Worth Road and 4444 Hooks Road. [Sun-Sentinel] – Mike Seemuth

Central Gardens Grand in Palm Beach Gardens

Tenants of a new 124-unit apartment complex in Palm Beach Gardens are expected to start moving in this month.

Rents at Central Gardens Grand range from the $1,600s to the $2,800s, according to Brian Schottenstein, president of Schottenstein Real Estate Group of Columbus, Ohio, the developer.

The complex at 3333 Central Gardens Way in Palm Beach Gardens has one-, two- and three-bedroom apartments with 935 square feet to 1,825 square feet of interior space.

The apartments have patios, stainless steel appliances and granite counter tops, and they are in two buildings connected by a clubhouse.

Common-area amenities at Central Gardens Grand include a 24-hour gym, a swimming pool and hot tub, dog park, fire pit, putting green and covered parking with assigned spaces. [Palm Beach Post] – Mike Seemuth

1903 Hollywood Boulevard in downtown Hollywood (Credit: LoopNet)

A building in downtown Hollywood that houses the Whiskey Tango bar is headed for a foreclosure auction.

The 11,445-square-foot building at 1903 Hollywood Boulevard is collateral for a mortgage loan with an unpaid balance of $2.78 million.

An online auction of the two-story building is scheduled for Dec. 11 at www.broward.realforeclose.com.

The owner, Hollywood Food and Beverage, has listed the building for sale with an asking price just under $3.5 million.

Hollywood Food and Beverage paid $650,000 in 2007 to acquire the property, which was built in 1970 on a 6,061-square-foot lot just west of Young Circle in downtown Hollywood.

U.S. Bank initially won a foreclosure judgment against Hollywood Food and Beverage in 2013, but a subsequent forbearance agreement between the bank and the borrower negated the judgment.

U.S. Bank reopened and won the foreclosure case after Hollywood Food and Beverage allegedly defaulted on the mortgage loan starting in June 2017.

The bank recently assigned the loan to ECapital Loan Fund I. [South Florida Business Journal] – Mike Seemuth

85 Belleview Boulevard, Unit 201, in Belleair

One of the founders of the Hooters restaurant chain wants to sell his waterfront condo just south of Clearwater, where the first Hooters location opened in 1983.

Gil DeGiannantonio listed the three-bedroom, two-and-a-half bathroom condo overlooking the Gulf of Mexico with an asking price of $1.2 million.

It is a corner unit, number 201 at the newly built Belleview Place condominium, 85 Belleview Boulevard in Belleair, a town in Pinellas County just south of Clearwater.

The condo has 10-foot ceilings, floor-to-ceiling sliding glass doors, a brick paver terrace, and hardwood floors in the common living areas.

Other features include a two-car garage, a master suite with a private terrace, and a kitchen with granite counters and Jenn-Air stainless steel appliances.

The listing agent is Terry Tillung of Coldwell Banker Residential Real Estate. – Mike Seemuth

Art Falcone

Encore Capital Management launched a development of condos at an Orlando resort that the Boca Raton-based firm will market as vacation homes.

Led by developers Art Falcone and Neil Eisner, Encore is developing Spectrum+ at Reunion Resort, 296 condos with floor plans ranging from 2,138 square feet to 3,055 square feet and with prices starting in the $350,000s.

Third-party companies will rent out Spectrum+ units on behalf of the owners when they are not using them.

Spectrum+ at Reunion Resort condos will have nine-foot ceilings, granite tile in living areas and kitchens with granite counters and stainless-steel appliances.

Encore will offer owners a social club membership that allows access to three golf courses and six restaurants at Reunion Resort.

Reunion Resort includes a five-acre water park with eight community swimming pools, a clubhouse with a gym, a playground and a convenience store.

OneWorld Properties is exclusively marketing the units at Spectrum+ at Reunion Resort, located within minutes of major theme parks in Orlando. – Mike Seemuth

Aretha Franklin (Credit: Getty Images, Realtor.com)

In life, she was the Queen of Soul. Now, Aretha Franklin’s become the Queen of Sold.

The last Detroit property owned by the late Motor City icon recently sold for $300,000, The Detroit News reported.

Anthony Kellum, head of the Michigan-based Kellum Mortgage bought the 6,200-square-foot brick home and plans to update it, the Associate Press reported. He said the home, which has been vacant for 10 years, requires “major renovations to restore its original beauty.” The deal also included an empty, half-acre lot next to the house.

The Hamilton Road mansion was the last home owned in the city of Detroit by Franklin, who died Aug. 16 of pancreatic cancer at the age of 76.

“There are no other Detroit properties” that were owned by Franklin, a spokesperson for Franklin’s estate told The Detroit News.

Franklin bought the five-bedroom slate-roofed mansion, built in 1927, for an undisclosed price in 1993. But in 2008, the home fell into foreclosure – a result, Franklin said, of an attorney’s mistake that led to $19,192 in unpaid taxes – and she almost lost the home. But Franklin paid the back taxes and recovered the property.

The home has six bathrooms, three fireplaces and features leaded glass windows, a three-car garage and a back yard that abuts the Detroit Golf Club’s north course.

The late singer owned several other Detroit properties that she went on to sell. Since her death, her estate has listed her remaining properties, such as her home in Bloomfield Township, which is on the market with an asking price of $800,000. [The Detroit News, AP] – Rich Bockmann

PGA headquarters in Palm Beach Gardens (Credit: Damon Higgins/ Palm Beach Post)

The Professional Golfers Association (PGA) of America is expected to move its headquarters from Palm Beach Gardens to a Frisco, Texas, a suburb of Dallas.

The Frisco City Council will vote Tuesday on a proposed public/private partnership to make the town the new home of PGA of America, whose 28,000 members are golf course owners and managers.

Dallas TV station WFAA reported that a majority of the city council members will vote in favor a proposed development that would include a new headquarters for PGA of America, two 18-hole golf courses and an Omni Hotels & Resorts property.

WFAA also reported that billionaire Robert Rowling, founder of the holding company of Dallas-based Omni Hotels & Resorts, has played a pivotal role in trying to lure the PGA of America headquarters to Frisco.

PGA of America has 200 employees at its 60,000-square-foot headquarters at 100 Avenue of the Champions in Palm Beach Gardens.

PGA of America is separate from the PGA Tour, which is based near Jacksonville in Ponte Vedra Beach. [WFAA.com] – Mike Seemuth

Paul Manafort, the former campaign chairman of President Trump, signed a deed transferring his house in Palm Beach Gardens to his wife, Kathleen, for $10.

The house at 10 St. James Drive was excluded from a list of properties that Manafort agreed to forfeit in a plea agreement with special counsel Robert Mueller, who is investigating Russian interference in the 2016 election.

In September, Manafort pleaded guilty to charges arising from his consulting work in Ukraine for pro-Russia politicians.

Manafort pleaded guilty to two charges of conspiracy, and prosecutors dismissed five other charges that included money laundering and violations of disclosure requirements in a lobbying law.

Forbes reported that Manafort was in a Virginia prison when he signed the deed transferring his five-bedroom house Palm Beach Gardens to his wife on Oct. 25.

The deed was filed with the Palm Beach County Clerk on Oct. 30 – almost four weeks before Mueller’s team of lawyers told a federal judge on Nov. 26 that Manafort “breached the plea agreement” by lying to them.

In a court filing, Manafort’s lawyers denied that their client lied to Mueller’s team.

Manafort bought the 5,231-square-foot house in BallenIsles, a gated community in Palm Beach Gardens, for $1.5 million in 2007.

Federal prosecutors filed a proposed order on Oct. 5 detailing bank accounts and properties that Manafort agreed to forfeit, and his Palm Beach Gardens residence was absent from the order.

The properties he agreed to forfeit include five New York homes: a Brooklyn brownstone, a SoHo loft, an apartment in lower Manhattan, a residence in the Hamptons and a 43^rd-floor apartment in Trump Tower. [Forbes] – Mike Seemuth