UPDATED, June 29, 5:15 p.m.: A company tied to the wife of the co-founder of one of the largest salt mine operators in the U.S. bought two waterfront lots in Boca Raton’s Sanctuary neighborhood for $6.5 million.
Lotta Development, LLC, tied to Margaretha Buerman of Highland Beach, bought the 27,000-square-foot vacant lots at 4111 and 4121 Ibis Point Circle for $240 per square foot. JP Ibis, tied to James Patterson of Palm Beach, sold the property.
The site has 345 feet of deepwater shoreline with multi-yacht dockage capabilities. A new estate by luxury builder Addison Construction could be built on the property, according to Realtor.com.
The lots were last purchased for $5.5 million in 1999, records show.
Carmen N. D’Angelo, Jr. of Premier Estate Properties represented the seller in the deal. Kevin Kreutzfeld of Premier Estate Properties represented the buyer.
D’Angelo, Jr and Kreutzfeld declined to comment on the buyer and seller.
The Sanctuary of Boca Raton is a gated community of luxury homes bordering the Intracoastal Waterway. It has a 20-slip marina, tennis courts and 27-acre bird/wildlife preserve. It is one of the most expensive neighborhoods in Boca Raton.
Margaretha Buerman’s husband, Gunther Buerman, co-founded American Rock Salt Co., which produces de-icing salt products. The company mines its rock salt at Hampton Corners mine, south of Rochester, New York. The company claims to have the capacity to produce up to 18,000 tons of rock salt each day, according to its website.
Boca Raton has seen a number of high-end home sales in recent years as the city offers buyers larger gated homes at lower prices than in Miami or Palm Beach. In April, a former general counsel at Office Depot sold a home in Boca Raton’s Royal Palm Yacht & Country Club for $5.7 million. And in May, the former CEO of the craft store Michaels and his wife sold their waterfront estate in the Royal Palm Yacht & Country Club for $10 million.
Correction: A previous version of the story incorrectly stated that Kreutzfeld represented the seller. He represented the buyer.