Why Elin Nordegren leveled $12-million home

NORTH PALM BEACH, FL (WFLX) - The real estate management company representing Tiger Woods' ex-wife, Elin Nordegren, is setting the record straight.

Nordegren recently purchased a $12 million property in North Palm Beach, but the purchase has come with some controversy.

Chappy Adams, the president of Illustrated Properties, said Nordegren has been taking a lot of heat for tearing down the home on the property.

Adams said her decision to do so was because of the condition the previous home was in. Pictures of the home showed water damage, a cracked foundation, a bad roof, gutters barely hanging on and shutters falling off the hinges.

"There were some things that have been said in the press that aren't true," said Adams. "The value was really in the land, not in the house."

Adams said after Elin had the home demolished to make room for a new one, many began to criticize the new homeowner.

"A lot of people were upset, asking, 'How could she tear down a $12 million house?' Well, the house was always intended to be torn down," said Adams.

Built in 1932, the home has seen a number of storms, repairs, add-ons and owners.

"Even before she looked at it, we knew anyone who would purchase it would have to tear it down," said Adams.

According to Adams, the most recent owner barely lived in the home and upkeep was slim to none.

"When you have a home on the ocean, the salt water, the corrosion, really takes a toll on the home," said Adams. "The home had fallen into disrepair, the roof needed to be replaced, the shutters were falling apart and the pool was not functioning."

The home is also just 10 miles from Tiger Woods.

Having the children close to their father, Adams said, was also an important factor in the purchase.

Elin's $12 million price tag does not include construction costs.

Adams says many homes in the area range between $20 to $30 million.

He says the home itself was worth around $2 million, and it would have cost double that to repair the damages and insure it. The new home could be complete within the next 18 months.

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