Boca Raton home up for sale at $7.4M

Home was built on spec in 2013

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.

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