Why did Elin Nordegren sell her Palm Beach home at a big discount?

Elin Nordegren has finally sold her North Palm Beach estate, according to multiple news reports.

The former wife of the golfer Tiger Woods let the custom-built mansion go for $29 million. According to the Real Deal, the buyer is Russell Weiner, the founder of Rockstar Energy Drink.

While undoubtedly a large sum, the sale price is a steep 41% drop from the initial asking price of $49.5 million in 2018. Last winter, Nordegren dropped the price just a bit, to $44.5 million, before accepting the much lower offer.

So why the nearly half-off sale? It might be all about unfulfilled aspiration.

First, some history on the home

Nordegren purchased the property in 2011 for $12.25 million, after her divorce from Woods.

She proceeded to demolish the existing home and built a mansion whose construction was completed in 2014. And while she undoubtedly poured millions into it, it’s possible that she strolled away with a modest profit or broke even.

“Consider building at $500 a square foot, multiplied by 23,000 living square feet, and that equals $11.5 million,” estimates Jeff Lichtenstein, owner and broker of Echo Fine Properties, a luxury real estate brokerage that sells real estate in Palm Beach County.