Life Time Fitness CEO Bahram Akradi paid $10 million for a waterfront lot in Hillsboro Beach.
Lotta Development, managed by Margaretha Buerman of Highland Beach, Florida, sold the property, more than an acre of land at 997 Hillsboro Mile. It last traded for $5.5 million in 2009.
Julie Jones-Bernard of Florida Luxurious Properties was the listing agent, and Compass represented Akradi, according to Realtor.com.
The property features 160 feet of frontage on the ocean and on the Intracoastal Waterway.
Akradi founded Life Time Fitness, a health and fitness company based in Chanhassen, Minnesota. It has more than 140 locations, including in Boca Raton and Tampa. Last year, the company inked a 90,000-square-foot lease at Gables Station, a mixed-use project being developed by NP International in Coral Gables.
Hillsboro Beach, a small town north of Pompano Beach in Broward County, is home to executives like Patrón Spirits Company President and CEO Edward Brown, and Andrew Mack, a co-founder of Teavana. In December, Mack paid $42.5 million for an ornate estate previously listed for $159 million, buying the property via auction.