Developer who set spec mansion record in Palm Beach scores big profit on latest oceanfront flip

It’s the most expensive sale in Gulf Stream this year

777 North Ocean Boulevard in Gulf Stream (Credit: Redfin)
777 North Ocean Boulevard in Gulf Stream (Credit: Redfin)

Maryland car dealer Jack Antwerpen and his wife paid $18.5 million for a waterfront mansion in Gulf Stream, north of Delray Beach.

It’s the most expensive sale in Gulf Stream this year, records show.

Developer Robert Fessler, who set a “spec mansion” record in 2017 with a $49 million sale in Palm Beach, sold the renovated seven-bedroom, 13-bathroom estate at 3777 North Ocean Boulevard to Jack and Dolores Antwerpen. Fessler paid $7.6 million — about $542 a foot — for the roughly 14,000-square-foot house in 2017 and later gut-renovated it. It was built in 1994.

Antwerpen owns Antwerpen Auto Group, a group of 13 dealerships in Maryland, according to its website. The company says it sells the most cars in all of Maryland, as well as the Baltimore and Washington, D.C. markets.

Sign Up for the undefined Newsletter

The couple financed the Gulf Stream deal with a $13.9 million loan from Toyota Financial Consumer Solutions.

Candace Friis of the Corcoran Group and Helene Jefferson of Treasure Coast Sotheby’s International Realty were the listing agents. Christy Larrimore of Engel & Voelkers Delray Beach represented the buyer, according to Redfin.

The mansion was on the market for $24.9 million, which means it sold for a nearly 26 percent discount.

Smith and Moore Architects designed the renovated house. It features a 2,900-bottle wine cellar, art gallery, club room, billiards room, fireplace, pool and spa. It also has a five-car garage with six additional covered parking spaces, so the Antwerpens will have plenty of space for their collection. The property features about 100 feet of waterfront.

In May, Boston hedge funder Michael Rashes and his wife Dena bought the home at 2817 North Ocean Boulevard in Gulf Stream for $10.5 million.