The Real Deal Miami

Canadian billionaire sells waterfront Boca mansion for $12M

Russian-born billionaire is reportedly worth $1.6 billion
By Katherine Kallergis | July 05, 2016 04:30PM

850 Lake Drive in Boca Raton

850 Lake Drive in Boca Raton

Billionaire Alex Schnaider sold his waterfront Boca Raton mansion for $11.5 million to a publishing executive, records show.

Mason Slaine, chairman of FT Media Holdings, bought the five-bedroom home at 850 Lake Drive in Boca Raton. FT Media, which stands for Furniture Today, was acquired by Sandow Media in 2010.

Slaine’s new mansion spans nearly 11,000 square feet on the Intracoastal. It includes a pool, terrace, elevator, summer kitchen and 120 feet of waterfront with multi-yacht dockage. Mark Timothy built the two-story house in 2003, according to the listing.

Property records show Schnaider paid $9.5 million in 2013. The Russian-born Canadian billionaire is a former commodities trader and entrepreneur. He co-founded Midland Group, a company that has a large stake in Ukraine’s fourth-largest steel mill. Forbes pegs his wealth at $1.6 billion.

Joseph Liguori of Premier Estate Properties was the listing agent, while Juliana Testoni of Coral Shores Realty represented the buyer, according to Redfin.

Just last week, a former Canadian hockey pro sold his waterfront home just south of Slaine’s new mansion for $15 million.