Oil tycoon buys waterfront home in Fort Lauderdale for $5.6M

Built in 2016, home sold for $1,046 psf

Aug.August 29, 2017 09:45 AM

520 Intracoastal Drive

UPDATED August 30th 10:30 a.m.: Oil tycoon Michael Harrison Moore just bought a recently-built, waterfront home in Fort Lauderdale for $5.6 million, property records show.

Moore, president of the Midland, Texas-based, eponymous oil and gas exploration and production company, bought the 5,356-square-foot home on 520 Intracoastal Drive for about $1,046 per square foot. The home, built this year, sits in the gated Sunrise Intracoastal neighborhood in Fort Lauderdale. Records show the seller is John E. O’Donnell. The developer had bought the home along with two adjacent lots in 2013 for $5.75 million.

One Sotheby’s International Realty’s Susan Rindley represented the seller. Andy Ziffer and Matt Bertanzetti of Lauderdale One Luxury represented the buyer. Rindley said the seller plans to build a two-story home on neighboring 510 Intracoastal Drive, and recently sold the opposite lot at 530 Intracoastal Drive for $2.1 million.

The one-story home Moore purchased was designed by Delray Beach-based Randall Stofft Architect, Bill Bentz Construction and MJB Design, according to Rindley. The four-bedroom, five-bathroom and two-and-a-half bathroom home features 11-foot tall ceilings, a designer kitchen and a four-car garage. Outdoor features include a koi pond, seawater pool, boat lift and dock with Intracoastal Waterway frontage.

Home sale prices have inched up in Fort Lauderdale – especially in the luxury market. Just this month a waterfront lot in Fort Lauderdale sold for $6.5 million, marking a record for single-family land sales since 2015. Last year, Stiles Corp. Chairman and CEO Terry Stiles paid $8.17 million, or about $1,000 per square foot for a waterfront mansion in Fort Lauderdale.

Correction: A previous version of this article did not have the correct year that the house was built and did not include the two other lots in the previous sale price. 

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