Flex Seal founder seals the deal for Gulf Stream mansion

Oceanfront property last sold in 2016 for $16M

Miami /
Aug.August 28, 2020 12:30 PM
1275 North Ocean Boulevard, Flex Seal founder Phil Swift (Credit: Daniel Petroni Photography/Douglas Elliman)

1275 North Ocean Boulevard, Flex Seal founder Phil Swift (Credit: Daniel Petroni Photography/Douglas Elliman)

UPDATED, Aug. 28, 4:40 p.m.: The founder of the Flex Seal Family of Products, made famous by his infomercials, sealed the deal for an oceanfront mansion in Gulf Stream, near Delray Beach.

Phil Swift paid $20 million for the 1-acre compound at 1275 North Ocean Boulevard, marking a record for residential sales in Gulf Stream, according to a press release.

Property records show the seller is Jeffrey E. Veatch, co-founder of Apex Systems, an IT staffing services firm, and a philanthropist in Virginia. Veatch signed a mortgage for the home in 2016 on behalf of the company that sold the property, 1275 North Ocean LLC.

Swift, CEO and spokesperson of his Weston-based company, will have plenty of spots in his new mansion to use his products, if he ever needs to. The six-bedroom, 8,643-square-foot home has seven bathrooms, two half-bathrooms, a guest house, gym, club room, pool, and 135 feet of ocean frontage, according to the listing. It also includes a three-car garage, smart home features, a generator, elevator, and outdoor entertainment system.

It last sold in 2016 for $15.9 million, records show. It was built in 2015.

Devin Kay and Nick Malinosky of Douglas Elliman were the listing agents. Helen Barraza-Fried of United Realty represented the buyer.

The property hit the market in July for nearly $22 million, and went under contract later that month.

The deal beats a previous record in Gulf Stream, when Maryland car dealer Jack Antwerpen and his wife paid $18.5 million for the estate at 3777 North Ocean Boulevard, nearly a year ago.

Swift founded his company in 2011. Its adhesive bonding products include Flex Glue, Flex Paste, Flex Tape and Flex Seal Liquid.

An earlier version of this story incorrectly identified the buyer’s agent’s brokerage.

Write to Katherine Kallergis at [email protected]


Related Articles

arrow_forward_ios
Steven Cohen and the Boca Raton property (Getty, Douglas Elliman)
Billionaire Mets owner Steven Cohen buys South Florida mansion for nearly $22M
Billionaire Mets owner Steven Cohen buys South Florida mansion for nearly $22M
Renderings of 1625 Ocean. (U.S. Construction)
US Construction scores $45M construction loan for Delray Beach condos
US Construction scores $45M construction loan for Delray Beach condos
Randal Perkins and the Delray Beach house (AshBritt, Douglas Elliman via Getty)
AshBritt founder flips oceanfront Delray Beach mansion for $22M
AshBritt founder flips oceanfront Delray Beach mansion for $22M
Elizabeth “Bess” Weatherman and the Gulf Stream condos (Compass, Warburg Pincus)
Staying in Gulf Stream: Buyer downsizes to $6M oceanfront condo
Staying in Gulf Stream: Buyer downsizes to $6M oceanfront condo
Thryv CEO Joseph A. Walsh (Google Maps, Thryv)
Software CEO buys oceanfront Gulf Stream home for $13M
Software CEO buys oceanfront Gulf Stream home for $13M
Alta Congress apartments at 250 Congress Park Road in Delray Beach and Crow Holdings CEO Michael Levy (Alta Congress, Crown Holdings)
Crow Holdings buys Delray Beach apartments for $112M
Crow Holdings buys Delray Beach apartments for $112M
David Gibbs and 550 Middle Road, Gulf Stream (Google Maps)
Yum! Brands CEO buys waterfront Gulf Stream home
Yum! Brands CEO buys waterfront Gulf Stream home
AshBritt's Randal Perkins and 111 South Ocean Boulevard in Delray Beach (Google Maps)
AshBritt founder drops $21M on oceanfront Delray Beach mansion
AshBritt founder drops $21M on oceanfront Delray Beach mansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...