The Real Deal Miami

Financier pays $9M for beachfront Delray manse

Off-market deal provided 35 percent gain for sellers

March 07, 2016 01:30PM
By Sean Stewart-Muniz

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The home at 410 North Ocean Boulevard (Credit: Seaside Builders)

The home at 410 North Ocean Boulevard (Credit: Seaside Builders)

Four years ago, financial guru Donald Uderitz sold his sprawling beachfront estate in Delray Beach to comedian Kevin James for $18.5 million.

Now, he’s buying back into the neighborhood in a big way. Uderitz just put down $9.15 million for a manse right next his old property.

Included in the deal was a seven-bedroom, eight-bathroom home located on just under an acre of oceanfront turf at 410 North Ocean Boulevard. Its style is Mediterranean Revival with features like arched windows, a brick motorcourt, exposed ceiling beams and plush interior finishes.

The 10,461-square-foot mansion was most recently owned by Brian and Brandi Sodi, who paid $6.775 million for it on 2011, according to Palm Beach County property records. Brian Sodi is the owner of Capital Financial Media, a public relations firm based in Delray that handles corporate advertising.

After owning the estate for only five years, the Sodis have sold it to Uderitz in an off-market deal for about $874 per square foot — a 35 percent gain in price over what they originally paid.

Uderitz is the chairman of Vantage Capital Group, a financial firm with three branches: investment banking, investment advising and brokering the trading of financial products.

Back in 2005, he paid just less than $5 million for 1.8 acres acres of prime waterfront land at 502 North Ocean Boulevard. Then in 2008, he built a massive 26,000-square-foot estate that boasts eight bedrooms, 10 bathrooms and a host of luxury interior finishes.

After four years, he sold the castle-like residence to a trust affiliated with actor Kevin James of “Paul Blart: Mall Cop” fame for $18.5 million. James later added on a neighboring vacant lot for $4.25 million, bringing the property’s title size to 2.7 acres. He’s now trying to sell the estate for nearly $29 million.