|The $3 million home|
(Scroll down for video) A young man figured out a loophole in the law, which enabled him to acquire multi-million dollar homes without shelling out even one cent, according to press reports in Florida.
A multi-million dollar mansion in Boca Raton, is the latest house to fall into the hands of a squatter, who took advantage of a real estate law that allows an ownership claim of vacant or abandoned properties.
The oceanfront home at 580 Golden Harbour Drive, is being occupied by 23-year-old Andre De Palma Barbosa, who submitted his adverse possession claim on the house last month.
In 2005, the house was bought for $3.1 million by the former owner Michael Comparato, who signed a deed in lieu of foreclosure with Bank of America in July, according to Palm Beach County court records.
The adverse possession claim was created hundreds of years ago, when hand-scrawled property records could be easily lost, damaged or confused, given that adverse possession property remained a productive use of land when ownership was unclear, or for example, if the owner died without heirs.
If the person claiming adverse possession remains in the house for seven years, paying taxes and caring for the property, the person can then take permanent possession.