The Real Deal Miami

South Florida developer pays $5.2M for newly built Boca golf course home

Home has sliding glass walls that open up to backyard and golf greens

June 28, 2016 06:00PM
By Sean Stewart-Muniz

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1492 Thatch Palm Drive (Inset: Malcolm Butters)

1492 Thatch Palm Drive (Inset: Malcolm Butters)

Malcolm Butters, who heads his Butters Construction real estate company, just picked up a snazzy golf course home in Boca Raton — and for close to its asking price, too.

The spiral staircase

The spiral staircase

County records show the $5.2 million deal, which closed this week, covers the newly built home at 1492 Thatch Palm Drive that borders Boca’s Royal Palm Yacht & Country Club.

Built by luxury home contractor Wietsma and Lippolis Construction, the house is two stories and boasts a grand foyer entry with a spiral staircase. The kitchen has custom cabinetry and a walk-in pantry. There are separate formal living and dining areas, and a “family room” has floor-to-ceiling windows that slide back and open up to a covered loggia with its own summer kitchen.

It has five bedrooms, six bathrooms and measures 6,591 square feet, so the purchase price breaks down to about $789 per foot.

Living room with retractable glass walls

Living room with retractable glass walls

The home was sold by a trust in the name of its address, with G. Robert Sheetz as its trustee. The Sheetz family owns a successful chain of convenience stores and gas stations in the U.S. through their company Sheetz, Inc.

Sheetz’s trust paid $1.575 million for the Boca property in May 2014 and quickly razed its existing single-family home, according to county records. Construction of the new home began several months later, and was wrapped up late last year.
David Roberts of Royal Palm Properties had the listing, which originally hit the market back in June 2014 with an ask of $5.4 million.

Butters, the home’s new owner, is the CEO of Coconut-Creek based Butters Construction. The real estate firm is an investor, developer and contractor that mainly operates in South Florida. Some of its most recent dealings include the $9.9 million sale of a Boca development site where the Geo Group, a for-profit operator of prisons, plans to build a new corporate headquarters for itself.