1635 North Fort Lauderdale Seaside Boulevard (Google Maps, Getty)
Previous mattress mogul Sam Katz offered his Fort Lauderdale estate across the street from the ocean for $12.6 million, practically five decades just after he initially outlined the property.
Katz sold the property at 1635 North Fort Lauderdale Seashore Boulevard to Atlantic Paradise, a Florida entity managed by Kate and Brent Nelson, data show.
Liliya Kalynovych of Coldwell Banker Realty had the listing, and Vicci Read through brought the customers. Kalynovych did not quickly respond to a ask for for remark.
The Nelsons are a retired couple originally from California, Go through mentioned. Documents display they financed the order with an $11.4 million mortgage loan from UBS Financial institution.
Katz established the Miami-centered bedding retailer Mattress Big in 1986, and sold the business to Houston-headquartered Mattress Business for $47 million in 2012, in accordance to printed studies. The acquisition included 180 retailers to Mattress Firm’s countrywide portfolio, primarily in Florida and Texas, the Houston Small business Journal described.
Information clearly show Katz acquired the .8-acre estate for $1.1 million in 1998. He commissioned Ellemar Luxury Development to develop the tailor made 8,000-square-foot, five-bed room, six-bathroom mansion, and it was accomplished in 2001, in accordance to property records. The residence spans 250 toes along State Road A1A, straight throughout from the Atlantic Ocean.
According to Go through, the property is an assemblage of 5 contiguous heaps. Katz initial outlined the house with Kevin Kreutzfeld of Premier Estate Houses in 2018 for $18 million. The asking rate fluctuated in the pursuing many years, until finally reaching the final $14.5 million listing in June, Redfin displays.
Kreutzfeld called the home a “trophy,” stating, “If you feel about it, in which else can you get 250 toes of frontage with ocean sights, even under $20 million?”
Katz was waiting around for the proper buyer, Read reported. “He did not want to market to a developer,” she said. “He did not want the home chopped up into 5 various a lot.”
The Nelsons strategy to retain the architecture of the household, with a intestine renovation of the inside, as effectively as redoing the landscaping and renovating the pool, in accordance to Browse.
Go through claimed developers expressed curiosity in the house, even at the time it was beneath deal.
Prospective buyers have been shelling out the revenue for significant waterfront attributes in Fort Lauderdale in new months.
Local insurance policy executives, brothers Seth and Brad Cohen, bought a historic Fort Lauderdale teardown with 520 ft of waterfront for $19.5 million past month. Also very last month, hedge funder Donald Sussman marketed a waterfront .7-acre lot for $17 million.
In October, Builders Cash CEO Robert Trent bought a waterfront Fort Lauderdale spec mansion for $17 million.
