A pharmaceutical mogul sold his waterfront Fort Lauderdale mansion for $20.5 million, marking the highest priced residential sale in the city so far this year.
Bruce Paddock sold the 12,938-square-foot estate at 1831 Southeast 9th Street for $1,584 per square foot, records show. Barry Minoff, whose family owns Cleveland, Ohio-based Kichler Lighting, bought the property.
The sale reflects heightened demand for luxury waterfront real estate in Fort Lauderdale. Earlier this month, two houses sold in the Harbor Beach neighborhood for $8 million and $11 million.
In the latest deal, the mansion was listed for $29 million in October. It was built by Dennis R. O’Neil, the co-owner of Checkerboard Vineyards, who paid $4.6 million for the acre-sized property in 2000.
1831 Southeast 9th Street
Built in 2010, the home has seven bedrooms and eleven bathrooms. The property also has 437 feet of deep water frontage and 170 feet of mega yacht dockage. It is in the Rio Vista neighborhood close to downtown Fort Lauderdale.
The estate boasts a fully equipped chef’s kitchen, formal dining room and a master suite with a marble bathroom. It also features limestone floors, beamed ceilings, a wine cellar, elevator and fireplace.
Tim Elmes of Compass represented the seller in the deal.
Paddock is the founder and former chairman of Paddock Laboratories, a pharmaceutical manufacturing company that he sold to Perrigo Company in 2011 for $540 million.
Minoff is the chairman of his family’s business, Kichler Lighting, which manufactured lighting. He is also an actor and starred in the 2013 movie “Exposure,” alongside Corey Feldman.
Last year, Fort Lauderdale saw a slew of high-profile deals. 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.