Ex-Advanta CEO Dennis Alter sold his oceanfront Hillsboro Beach mansion for $27.1 million, The Real Deal has learned.
Alter sold the home at 1111 Hillsboro Mile in Hillsboro Beach to an out-of-state buyer, listing agent Gerry Liguori confirmed. He declined to comment on the buyer’s identity. The deed has yet to be recorded.
Nicole Chambless with United Realty Group brought the buyer.
Alter was at one point CEO of one of Philadelphia’s largest companies, before Advanta filed for bankruptcy during the 2008 financial crisis. His father started the firm as TSO Financial in 1951, specializing in loans to teachers in Pennsylvania, Florida and Delaware, according to published reports. After the younger Alter took the helm in 1971, he steered the business toward credit cards, transforming it into a multibillion-dollar business.
Following the Chapter 11 bankruptcy filing, the Federal Deposit Insurance Corporation sued Alter and other Advanta executives for $219 million in 2013, according to published reports. They settled for a combined $23.5 million in 2016, the Temple News reported.
Property records do not show when or for how much Alter bought the 1-acre Hillsboro Mile estate, which runs from the Atlantic Ocean to the Intracoastal Waterway. He owned the property for more than 40 years, according to a press release.
The 10,400-square-foot house was built in 2009, records show. It has eight bedrooms, seven bathrooms, two half-bathrooms, 147 feet of water frontage, a pool and a sport court, according to the listing. It was designed by John Saladino, a renowned interior designer who died last month, the New York Times reported.
Alter listed it for $28 million in January, Zillow shows. Liguori said the estate appealed to the buyer because it is in a no-wake zone along the Intracoastal Waterway, and has capacity for a dock that can fit both of his yachts.
It marks the latest pricey sale in Hillsboro Beach, an area Liguori describes as “in transition.”
“Teardowns are being turned into these $40 [million], $50 [million], $60 million dollar properties,” he said.
Recent sales include AutoNation CEO Mike Manley’s $14.5 million purchase of an oceanfront mansion in April.
Related Group and Dezer Development are also planning luxury condos in the town. They secured a $307 million construction loan for the 92-unit Rosewood Residences in December.
