A spec homebuilder bought an oceanfront Palm Beach lot for $39 million, in an off-market deal.
Property records show the president of Sabatello Construction, Carl Sabatello, bought the half-acre lot at 7 Ocean Lane through an entity linked to him. The seller is Palm Beach-based 7 Ocean Lane LLC, managed by Nedim Soylemez.
Sabatello financed the purchase with a $39 million loan from Palm Beach-based Poinciana Group, records show.
The property is south of the Palm Beach Country Club and sits at the end of a cul-de-sac.
Sabatello Construction, based in Palm Beach Gardens and established in 1977, focuses on new home construction and remodeling in Palm Beach County’s golf communities, according to it’s website and LinkedIn page.
The seller, Soylemez, is a co-founder of Palm Beach-based Lion’s View Holdings, a private investment firm that specializes in commodities. He purchased the property in December 2020 for $20.2 million, according to records.
In September, an entity tied to Soylemez sold a spec mansion at 1404 North Lake Way in Palm Beach for $30.7 million.
Demand for luxury homes and low inventory are spurring high-priced sales in Palm Beach.
Also this month, a company linked to the family office of billionaire William E. Ford sold a non-waterfront Palm Beach mansion for $33 million, nearly three times it’s purchase price two years ago.
And luxury homebuilder Mary Frances Garrett flipped a property marketed as a teardown for $6.2 million, nearly $1 million more than it’s purchase price less than a year ago.