A New Jersey executive flipped a home in Boca Raton to a luxury carpet mogul for $17.2 million, a 60 percent markup from its purchase price a year ago.
Property records show Jeffrey and Amy Kaplan sold the house at 1371 Royal Palm Way to the family trusts of Candice and Steven Stark. Charles Raich signed as trustee on behalf of the buyers. David W. Roberts of Royal Palm Realty represented both the buyers and sellers.
Jeffrey Kaplan is the head of business development at Accelerate Acquisition Corp., a New Jersey-based firm that went public in March of last year with a valuation of $400 million. Prior to his role at Accelerate Acquisition, he was COO at Appaloosa Management from 2011 to 2020.
The Kaplans paid $10.3 million for the 7,819-square-foot home when they bought it in June of last year, records show. It was developed as a spec home by Scott R. Dingle of SRD Building Corp, who paid $2.4 million for the property in 2020.
The two-story, five-bedroom, six-bathroom house sits on a third of an acre and backs up to the Royal Palm Yacht & Country Club’s golf course.
The buyers have made headlines before for their renovation of a historic Park Avenue apartment. Steven Stark is the president of Stark Carpet & Fabric, a Hollywood-based luxury carpet company founded by his father Arthur Stark in 1938.
Boca Raton’s residential market has been strong during the South Florida real estate boom that has continued throughout the pandemic. In recent months, the former owner of the Festival Flea Market paid $5.6 million for a Boca Raton condo, and a transportation executive dropped $7 million for a non-waterfront home. Rapper Bhad Bhabie also bought nearby, paying $6.1 million for a mansion.