Fresh off $40M sale, Patrón CEO buys Hillsboro Beach spec home for $20M

Patrón Spirits Company President and CEO Edward Brown is downsizing to a Hillsboro Beach spec home he just bought for $20 million.

Just days ago, Brown sold his 3-acre Manalapan estate in Palm Beach County at 1370 South Ocean Boulevard for $40 million.

Now, Broward County records show luxury spec home developer Mark Timothy sold a new Hillsboro Beach home at 1115 Hillsboro Mile to Brown and his wife Ashley. The couple financed the deal with a $12.4 million mortgage from Wells Fargo.

At $20 million, the Browns paid nearly $1,860 per square foot for the house.

The six-bedroom, 10,769-square-foot mansion was on the market with Joseph Liguori, Gerard Liguori and Carmen D’Angelo of Premier Estate Properties for $21.65 million. Jack Elkins of the Fite Group, who represented Brown in the sale of his former Manalapan home, also represented the tequila CEO in this deal. Elkins could not immediately be reached for comment.

The waterfront two-story house sits on nearly an acre of land with about 100 feet of frontage on both the Atlantic Ocean and on the Intracoastal Waterway. It includes a yacht dock, pool, spa and glass walls. D’Angelo said the house was completed less than a month ago. It sold furnished with interiors by Marc-Michaels Interior Design.

Mark Timothy Inc., led by Mark Timothy Pulte of the Pulte family, paid $6 million for the land in 2014 via 1115 Hillsboro Mile LLC. Premier Estate Properties also brokered that sale, D’Angelo said.

Late last month, the Hillsboro Beach home at 973 Hillsboro Mile sold for $14.6 million, or $1,400 per square foot.