Hotelier buys waterfront Boca Raton home for $6M

Seller Mahnaz Zahedi is the granddaughter of the former Shah of Iran

Miami /
Oct.October 16, 2020 12:30 PM
444 E Alexander Palm Road (Zillow)

444 E Alexander Palm Road (Zillow)

UPDATED, Nov. 6, 6:20 p.m.: The owner of a European hotel chain bought a waterfront Boca Raton home for $5.5 million.

Mikhail Avrutin bought the house at 444 East Alexander Palm Road from Mehrdad Fallah-Moghaddam and Mahnaz Zahedi, according to records.

The buyer, Avrutin, is the owner and developer of Baltic Hotel Group, a hotel chain that operates two hotels in Estonia. Avrutin is also listed on his Linkedin as the president and founder of AFP of North America.

Records show Zahedi and her husband, Fallah-Moghaddam, had purchased the home in 2001 for $1.9 million.

Jackie Feldman  and Geri Penniman of Premier Estate Properties brokered the deal. The home was first listed in 2018 at $6.3 million and after a few price changes, was most recently listed for $6 million in September of this year, according to Realtor.com.

The 5,248-square-foot house was built in 1980. It has five bedrooms, four-and-a-half bathrooms and is on the Intracoastal Waterway.

Among other recent sales in Boca Raton, the COO of a South Florida-based real estate investment firm sold his house for $5 million, a mansion in the Royal Yacht & Country Club sold for $9.4 million and a plastic surgeon paid $5.5 million for a home.

Correction: A previous version of this story misidentified Mahnaz Zahedi.




     

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