Spec developers bought the property for $4.6M last year, completed the home this year
A married pair of real estate investors sold a waterfront Boca Raton spec mansion for $18.6 million in the gated community of Royal Palm Yacht & Country Club.
Records show Bernard and Margaret Palmer sold the house at 404 East Coconut Palm Road to a trust managed by Lake Wales-based attorney Mark Warda. The true buyer is unknown.
The Palmers are local real estate investors, specializing in flips and spec homes in Royal Palm Yacht & Country Club. Records show they have bought and sold more than a dozen homes in the gated community since 2008.
David Roberts of Royal Palm Properties had the listing, and Susan Rindley of One Sotheby’s International Realty brought the buyer.
According to records, the Palmers bought the property for $4.6 million last year. They demolished the existing house and commissioned Boca Raton-based SRD Building Corporation to build a new 8,840-square-foot, six-bedroom, seven-bathroom mansion on the 0.4-acre property, property records show. Completed this year, the waterfront home includes a pool and a private dock, according to the listing.
Homes in Royal Palm Yacht & Country Club do not require membership to the club, which provides yachting facilities and a Jack Nicklaus-designed golf course.
SRD Building, led by brothers Steve and Scott Dingle, has built more than 130 homes in the gated community, including the spec mansion that a wealth management executive bought for a record $26 million last month.
They also built the home a luxury carpet executive bought for $17.2 million in July. Steve Dingle is also a resident of Royal Palm Yacht & Country Club, where he bought a home last year for $9.4 million.