A luxury homebuilder and his wife sold a waterfront Boca Raton mansion for $22 million.
Morris Flancbaum, president of Colts Neck, New Jersey-based custom homebuilder Colts Neck Associates, and his wife, Susan Rizzuto, sold the waterfront home at 250 Northeast Fifth Avenue. The buyer is 250 NE 5th Avenue Land Trust, with attorney Gregory S. Gefen as trustee, records show.
The 10,538-square-foot mansion has seven bedrooms and a four-car garage. Jonathan Postma of Coldwell Banker was the listing agent. Nancy and Kathy Gefen of Signature International Premier Properties represented the buyer, according to Redfin.
The home was originally built in 1962 and renovated in the early 2000s, records show. It sits on a 1.62-acre lot and features marble floors, a private dock in a no wake zone, summer kitchen and wine room.
Flancbaum and Rizzuto bought the home in 2019 for $16.5 million, and held homestead exemptions on the property, records show.
Flancbaum’s company specializes in waterfront development, and has created custom home communities in several cities in New Jersey, including Marlboro, Colts Neck, North Howell, Brick, Manalapan, Millstone and Toms River, according to the company’s website. It also built the CuisinArt Resort & Spa in Anguilla in the Caribbean.
The $5.5 million two-year price boost for his Boca Raton mansion reflects surging demand for waterfront homes, as the uber wealthy continue to move to South Florida.
Earlier this month, former race car driver Jeff Gordon’s former Boca Raton mansion went on the market for $42 million. Gordon owned the 16,500-square-foot mansion from 1997 to 2003.
In August, billionaire Mets owner Steven Cohen bought a 31,000-square-foot, seven-bedroom estate for almost $22 million near Boca Raton. It had sold several months earlier for $19 million.
Also in August, another professional race car driver, Jason McCarthy, and his wife, Newsha McCarthy, bought an 11,753-square-foot Boca Raton mansion for $19 million.