Town of Palm Beach News

Oceanfront House Sells For $11 Million in Forfeiture

An oceanfront home in Palm Beach sold for a recorded $11 million after being forfeited by a former national treasurer of Venezuela who was sentenced to ten years in prison last fall. The story was first reported by the Palm Beach Daily News.

Alejandro Andrade pleaded guilty in a U.S. court to being a part of what prosecutors called a $2.4 billion money-laundering scheme that helped wreck Venezuela’s economy.

Andrade forfeited the house at 1290 N. Ocean Blvd. as a part of his plea deal. The deaL also required him to give up a $4 million Wellington estate, a $1.1 million house in Delray Beach, other property in Wellington, as well as collections of show horses, cars, and watches. Prosecutors admitted that Andrade’s assistance led them to others involved in the global money-laundering operation.

Oceanfront House Sells For $11 Million in Forfeiture

According to a deed filed Tuesday, the Palm Beach house was seized and sold by U.S. Customs and Border Protection agents.

Andrade served as national treasurer under Venezuelan President Hugo Chavez. He was sentenced in a federal district court in West Palm Beach in November of 2018.

The deed shows that Matthew C. and Astrid. C. Wobble bought the house, identifying the couple as the “successful bidder” for the property.

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The Bermuda-style house sits at the corner of Merrain Road, and the house and beach cabana sit on around four-tenths of an acre of land. The property includes 126 feet of oceanfront and is slightly under a mile south of the northern tip of the island.

Inside and out, the six-bedroom house and cabana offer 6,416 square feet of living space. The house was built in 1955 but has been renovated several times since then.

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Alanna Barrett

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