Insurance magnate sells Fort Lauderdale mansion in one of priciest sales of year

It hit the market for $18M in 2018

Jul.July 02, 2019 09:45 AM
Matthew Rizai and 2401 Del Lago Drive in Fort Lauderdale

Matthew Rizai and 2401 Del Lago Drive in Fort Lauderdale

A South Florida insurance magnate sold his waterfront estate for $13 million to the former CEO of a software company, marking one of the priciest residential sales in Fort Lauderdale this year.

Richard F. Hull sold the 11,169-square-foot home at 2401 Del Lago Drive in Fort Lauderdale for $1,163 per square foot to Matthew Rizai and his wife, records show. The two-story home has five bedrooms and eight bathrooms. It also has 400 feet of water frontage, according to Redfin.

Given that the estate was built by an insurance executive, the property also advertises its hurricane-resistant high impact windows and doors.

The estate was first listed for about $18 million in May 2018. Hull bought the property for $3.2 million in 1994 and the home was completed in 1999. It sits on 0.84 acres.

Julie Jones-Bernard of Florida Luxurious Properties represented the buyer and the seller in the deal, according to Redfin.

Hull founded Fort Lauderdale-based Hull & Co., a wholesale insurance brokerage, in 1962. It was acquired by Brown & Brown Inc. in 2005.

Rizai was the former CEO and chairman of Workiva, a cloud computing company that offers compliance software to companies. He served as CEO from 2009 until resigning in 2018.

In June, the founder of Pet Supermarket bought the Fort Lauderdale estate of the late H. Wayne Huizenga at 1575 Ponce de Leon Drive in Fort Lauderdale for $14.3 million.

In May, used car dealer Mark and Eileen Fisher paid $17.4 million – including the buyer’s premium – for the 27-room, 17,000-square-foot mansion at 534 Bontona Avenue in Fort Lauderdale.

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