New owners plan to divide, list Hillsboro Beach land
The new owners of a vacant, ocean-to-Intracoastal lot in Hillsboro Beach plan to divide it into two parcels and list them for sale for more than $6 million each.
Carol and Paul Cutler paid $8.745 million for the 200-foot lot that touches both the Atlantic Ocean and the Intracoastal Waterway.
The December sale of 1103 Hillsboro Mile arose from the bankruptcy of Enclave at Hillsboro, a company linked to home builder John B. Kennelly.
Jed Weaver, a real estate agent with Mizner Grande Realty in Boca Raton, will handle the listing of the two Hillsboro Beach parcels for the Cutlers.
Weaver told the Sun-Sentinel the Cutlers’ asking prices for the parcels are $6.295 million and $6.595 million.
If the Cutlers sell at the listed prices, they will collect a total of $12.89 million, a 47 percent return on their $8.745 million investment in Hillsboro Beach.
Bradley Shraiberg, a bankruptcy attorney for Enclave at Boynton, told the Sun-Sentinel that 1103 Hillsboro Mile is a trophy property in an exclusive neighborhood, “and this is an opportunity to buy one of the last vacant parcels.” [Sun-Sentinel] – Mike Seemuth