A 4.32-acre waterfront parcel on Florida’s Marco Island has sold for $10.749 million, making it the highest-priced lot sale in the island’s history, and the second-highest residential sale, according to representatives for Premier Sotheby’s International Realty, which represented the buyer.
The buyer is billionaire and businessman Dennis Albaugh, who has previous bought and sold major lots on Marco Island, and “confirmed [on Tuesday] that he’s going to be building seven custom estate homes” on his newly acquired lot, said Jim Prange of Premier Sotheby’s International Realty, who represented Mr. Albaugh alongside his Sotheby’s colleague Nikki Prange-Carroll.
“He’s secured a builder,” Mr. Prange added. “He did five spec homes in [Marco Island’s] Hideaway Beach last year and every one of them sold.”
Mr. Albaugh, an American businessman who made his fortune primarily from the founding of a successful fertilizer and pesticide company, has at points been considered the richest man in Iowa, and has an estimated net worth of $1.4 billion, MarketWatch reported in 2016.
Chris Sullivan of Re/Max Affinity Plus represented the sellers, and told Mansion Global, “The original owner was Robert W. Sessions, an inventor and doctor who loved Marco Island and collected lots over a period of years.”
Sessions, who died in 2005, combined seven lots into the recently sold plot of land. A memorial pavilion at Marco Island Residents’ Beach was dedicated to Sessions in 2006, and the property was sold by his estate through a general partnership, Ms. Sullivan said.
The sale closed on April 1, and Mr. Prange said in an emailed statement, “The significant sale price demonstrates the strength of the luxury market in Marco Island and the demand for waterfront real estate.”
Article Source: Mansion Global