Boca Raton home up for sale at $7.4M

Miami /
Apr.April 14, 2015 02:00 PM

A home on the Intracoastal Waterway in Boca Raton, owned by a telecommunications magnate, was just listed for sale at $7.4 million.

Located at 2741 Spanish River Road, the 5,553-square-foot estate was built on spec in 2013 by local homebuilding firm Mark Timothy. It was designed by Affiniti Architects and is being sold fully furnished with interiors designed by Marc-Michaels.

Kathy Green and Nancy Gefen of Nestler Poletto Sotheby’s International Realty are marketing the home. The agents declined to name the seller

Green told The Real Deal that her client purchased the estate soon after it was built.

“It’s a great price for the house,” she told TRD. “It’s a contemporary masterpiece.”

Mark Timothy bought the vacant property for $1.26 million in September 2012 under an LLC titled 2741 Spanish River Road, according to Palm Beach County property records.

The home was finished the next year and was purchased by telecommunications executive Alex Gellman for $4.8 million in December 2013.

Gellman is the former president and chief operating officer of Global Tower Partners, a telecommunications tower company that was purchased for $3.3 billion by the American Tower Corporation in 2013, according to the South Florida Business Journal.

The Journal described GTP as one of the fastest growing technology firms in the country. It was headquartered in Boca Raton before the buyout.

Gellman is now the CEO of Vertical Bridge, a newly founded communications tower company that has reportedly picked up a series of cell tower portfolios totaling for several hundred million dollars.


Related Articles

arrow_forward_ios
From left: Buyers Neil Merin, Dung Lam and Jordan Paul along with 1001 Yamato Road (top) and 999 Yamato Road (bottom) (NAI/Merin Hunter Codman, Moris Moreno)
Yamato Office Center in Boca Raton trades for $46M
Yamato Office Center in Boca Raton trades for $46M
Pebb Enterprises' Ian Weiner (right) and Banyan Development's  Jason Sher with Research Park at Florida Atlantic University (Pebb, Avison Young, LinkedIn, iStock)
Pebb, Banyan pay $37.5M for Research Park at FAU in Boca Raton
Pebb, Banyan pay $37.5M for Research Park at FAU in Boca Raton
Real Estate Investment Services’ Kyle Matthews with  201 East Las Olas Boulevard (Real Estate Investment Services, Loopnet)
Lease roundup: Matthews Real Estate opens first Florida office in Fort Lauderdale
Lease roundup: Matthews Real Estate opens first Florida office in Fort Lauderdale
2950 Northwest Fifth Avenue in Boca Raton (BanyanPlace.org)
Montreal investor pays $20.5M for Palm Beach County assisted living facilities
Montreal investor pays $20.5M for Palm Beach County assisted living facilities
Butters Group's Malcolm Butters with 1751 North Military Trail (Floridatrend, Butters Group, iStock)
Butters and Konsker propose $75M Boca Raton office project
Butters and Konsker propose $75M Boca Raton office project
(L-R) Vanderbilt Office Properties CEO Casey Wold, Site Centers President and CEO David Lukes, and Macquarie Group Managing Director and CEO Shemara Wikramanayake with 1800 North Military Trail  and 5050 Town Center Circle in Boca Raton (Google Maps, Site Centers, Vanderbilt OP, Macquarie Group)
Boca Center’s offices, retail, restaurants trade for $261.5M
Boca Center’s offices, retail, restaurants trade for $261.5M
Alina Residences at 200 Southeast Mizner Boulevard in Boca Raton (Alina Residences, iStock)
Ex-owner of Festival Flea Market pays $6M for Boca Raton condo
Ex-owner of Festival Flea Market pays $6M for Boca Raton condo
Transportation titan buys Boca Raton home for $7M
Transportation titan buys Boca Raton home for $7M
Transportation titan buys Boca Raton home for $7M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...