South Florida spec home developer Pascal Nicolai bought a waterfront lot in Hillsboro Beach for $6.5 million, adding to the growing number of new luxury houses planned for the Broward County town.
Nicolai bought the 41,937-square-foot property at 1105 Hillsboro Mile for $155 per square foot, records show. The sellers are Carol and Paul Cutler.
In 2016, the Cutlers paid $8.75 million for a lot with 200 feet on Hillsboro Beach, spanning from the Atlantic Ocean to the Intracoastal Waterway. The couple then divided the lot into two and listed them. In 2018, the lot at 1103 Hillsboro Mile sold for $6.8 million.
They had bought the lot in a bankruptcy auction of a company linked to troubled South Florida homebuilder John B. Kennelly. His eight companies filed for bankruptcy in 2015.
Nicolai is the founder and CEO of Sabal Development and specializes in developing luxury custom homes. He is currently building Veridian Grove, a luxury gated community of 20 homes near Pinecrest, where prices start at $2.6 million.
A number of wealthy buyers are purchasing homes or vacant lots to build new houses in Hillsboro Beach. In March, the CEO of LifeTime Fitness paid $10 million for more than an acre of land at 997 Hillsboro Mile. And Patrón Spirits Co. President and CEO Edward Brown bought a spec home at 1115 Hillsboro Mile for $20 million in 2017.