The Real Deal Miami

Oceanfront Delray Beach land trades for $10.8M

Sellers get $2.8M premium from 2005 purchase price for 1.2-acre parcel

September 10, 2014 10:30AM

  • Print
705 South Ocean Boulevard (inset: Randy Ely and Nicholas Malinosky)

705 South Ocean Boulevard (inset: Randy Ely and Nicholas Malinosky)

An oceanfront residential parcel in Delray Beach changed hands for $10.8 million.

Michael and Robin Gusky sold the 1.2-acre property at 705 South Ocean Boulevard in a transaction recorded on Tuesday, according to Palm Beach County records. The couple paid $8 million for the parcel in November 2005. The property’s zoning allows for the construction of a large single-family home.

CMR Holdings is the buyer. The company is registered in Virginia but has a Greenwich, Conn. mailing address. No financing was recorded.

The property was listed by Randy Ely and Nicholas Malinosky of the Corcoran Group. — Eric Kalis

MENU