Dennis J. Alter, former CEO of Montgomery County-based Advanta, and his ex-wife Gisela Alter have sold their luxurious waterfront mansion in South Florida for $27.1 million, writes Brian Bandell for the Philadelphia Business Journal.
The sale price works out at $2,750 per square foot.
Alter built the mansion on a one-acre lot 16 years ago. The residence boasts eight bedrooms, seven full and two half bathrooms, a private pool, a two-story ocean loggia, a fire pit, a summer kitchen, a media room, and a full-size sports court, as well as breathtaking ocean-to-Intracoastal Waterway views.
A Philadelphia native, Alter took over leadership of Advanta in the 1970s from his father, who founded the company that used to issue credit cards to small businesses. Advanta went out of business in the aftermath of the Great Recession.
Alter previously owned a home in Fort Washington. The costs of the Montgomery County mansion’s construction were estimated to range between $50 million and $80 million. The residence was designed by Rafael Viñoly, the internationally acclaimed architect whose work includes the Kimmel Center for the Performing Arts.
Read more about Dennis J. Alter in the Philadelphia Business Journal.
