Purdue’s mansion values

How does it happen that a lot purchased for $2,795,000 in 2007 gets fourteen rooms and five baths that are only worth $521,000 fourteen years later?

Parcel Number 05-00814
Tax District Sea Island (District 05)
Alias DUNE COTTAGES 494
Location Address 494 FOREST RD
SEA ISLAND, GA 31561
Millage Rate 26.330
Legal Description LOT 23 DUNE COTTAGES
Subdivision DUNE COTTAGES AT OCEAN FOREST
Documents PD C-2, Pg 336, 140; PD 30, Pg 146; PD 23, Pg 102 A-D
Class Code R1 – Residential
(Note: This is for tax purposes only. Not to be used for zoning.)
Neighborhood Dune Cottages Golf (Code: 513B)
Zoning PDR
Map# Block-Lot 0010-10 004-081
Property Class SFR
Homestead Exemption Yes
GIS Mapped acres 0.66
Elementary School Oglethorpe Point
Middle School Glynn Middle School
High School Glynn Academy
Commissioner District DISTRICT 2 – CAP FENDIG, Phone (912) 638-7114 cfendig@glynncounty-ga.gov

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Owner
FRG INVESTMENTS LLC
191 S FINLEY AV
BASKING RIDGE, NJ 07920
Value Information
2021
+ Land Value $615,000
+ Improvement Value $2,701,800
= Total Value $3,316,800
Assessed Value $1,326,720Value Information
Improvement Information
Building Use Single Family
Style Mansion
Heated Sq Ft 9456
Interior Walls Drywall
Exterior Walls Stucco
Year Built 2010
Stories 2
Roof Cover Tile / Slate
Flooring Type Tile
Heating Type Cool / Heated Air
Rooms/Bedrooms/Bathrooms 14 / 6 / 5.5
Number Fire Pl 2
Miscellaneous Improvement Information
Swim. Pool – Gunnite 32 x 15 480
Pool House 9 x 9 81
Spa 7 x 7 49
Open Frame Porch 13 x 11 143Miscellaneous Improvement Information
Sale/Transfer Information
8/2/2021 4513 207 $11,000,000 PERDUE BONNIE D FRG INVESTMENTS LLC
12/31/2012 3098 226 $0 PERDUE BONNIE E PERDUE BONNIE D
12/31/2012 3098 223 $0
12/20/2012 3092 480 $0 PERDUE BONNIE D PERDUE BONNIE E
8/10/2007 2284 306 $2,795,000 SEA ISLAND COASTAL PROPERTIES LLC PERDUE BONNIE DSale/Transfer Information