Denver diamond importer sells Palm Beach mansion to Jordanian princess for $11M

Thomas M. Shane sold his seven-bedroom, nine bath home at 1320 N. Lake Way in Palm Beach for $11 million to Aqua Development North Lake, LLC.

Stephen Ploof of the Linda A. Gary Real Estate Inc., who also represented the seller when he bought the property in May 2004 for $8.26 million, was the agent for the sale.

Shane serves as chairman of the board and the CEO of Shane Co., one of the largest direct diamond importers in the U.S. Based in Denver, Colo., the company has 24 stores nationwide.

He also serves on the advisory board of the University of Colorado-Denver's Bard Center for Entrepreneurship Development.

Shane received his bachelor's degree in marketing from the University of Colorado and has attended executive training at Harvard Business School and Northwestern University.

Aqua Development-North Lake, LLC is owned by Jordanian Princess Alia Al-Hussein and her husband, Mohammed Al-Saleh. They also own 1330 N. Lake Way, known as Sherouq, LLC.

Her Royal Highness is the first born of the late King Hussein and His Majesty's first wife, Princess Dina Al Hussein.

Home sales in Palm Beach have dropped 16.3 percent thus far in 2008. The median sale price has also dropped $100,000, from $1.2 million in 2007 to $1.1 million so far this year.

Address: 1320 N Lake Way
Buyer(s): Aqua Development North Lake Llc
Seller(s): Thomas M Shane
Sale date: 2008-07-22

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