Steel mogul sells Hillsboro Beach estate to casino owner for $15M

Beachfront property sold at a 7.2 percent discount off the ask

Mar.March 01, 2017 02:20 PM

973 Hillsboro Mile. Inset: Kurt Langsenkamp

The head of a Quebec-based steel company just sold his Hillsboro Beach home for $14.61 million to a Russian casino owner.

Listing agent Joseph Liguori

Records show Kurt J. Langsenkamp, president of Canam Steel Corporation, sold the beachfront estate at 973 Hillsboro Mile to Maxim Smolentsev, who reportedly owns the Shambala casino in Azov, Russia.

The five-bedroom, 10,432-square-foot mansion hit the market in July for $15.75 million, listing agent Joseph G. Liguori of Premier Estate Properties told The Real Deal. He said the deal closed Wednesday morning, but declined to comment further citing a confidentiality agreement. Lana Izgarsheva of Miami VIP Realty represented the buyer. She could not immediately be reached for comment.

The property sold at a 7.2 percent discount off the ask.

973 Hillsboro LLLP, controlled by Langsenkamp and his wife Elizabeth, paid $8.5 million for the home in 2010, a year after it was built.

The Intracoastal-to-beach property features a pool, oceanfront terraces with Italian marble, a summer kitchen and a gated, 70-foot dock with a 30,000-pound boat lift. It sits on a 27,475-square-foot lot.

Hillsboro Beach, which is sandwiched between Pompano Beach and Deerfield Beach, is also home to Le Palais Royal, the second most expensive home for sale in the U.S. asking $159 million. Recent sales in the luxury enclave include the property at 1079 Hillsboro Mile, which traded hands for $7.5 million in December. In July, South Florida auto magnates Rick and Rita Case sold their nearby property at 949 Hillsboro Mile.

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