An accounting and finance advisory firm chief paid $9 million for an unfinished, waterfront North Palm Beach home featured in broker Billy Nash’s upcoming “Mansion Quest” TV show.
Shane Caiazzo, co-founder and co-CEO of CFGI, and his wife, Jennifer Caiazzo, bought the house at 100 Ebbtide Drive from State Farm insurance agent and restaurateur Steven Muller and his wife, Lois Muller, according to records.
Caiazzo’s CFGI provides accounting, tax, private equity, initial public offering and other advisory services to companies, according to its website. CFGI was founded in 2000 by former professionals in the Big-4, the nickname used for the four biggest accounting firms. CFGI has offices in Boston, New York, Los Angeles, San Diego and San Francisco.
The British West Indies-style, roughly 7,600-square-foot property on a half-acre lot will have a five-bedroom main house and a separate, one-bedroom guesthouse, according to Nash, who represented the sellers and buyers. It will also have a pool, 280 feet of Lake Worth Lagoon frontage with deep water dockage, a four-car garage, and about 1,200 square feet of outdoor, air conditioned space with a fireplace.
Records show the Mullers paid $800,000 in 1999 for the house that was previously on the site and torn down last year.
Nash, founder of Nash Luxury at Illustrated Properties in Palm Beach County, listed the home nearly six months ago for an asking price of $13 million. He said it sold for less because it is under construction. Completion is expected in the second quarter of this year.
The home is featured in the first minutes of the “Mansion Quest” pilot, with the show slated to air this summer, Nash said.
The deal is the latest in an ongoing home buying spree, particularly of waterfront properties, that started in late 2020, as the pandemic drove Northeasterners to South Florida. This fueled a robust market and pushed up prices to new records.
The flurry of activity left the region with dwindling inventory, leading to more sales of teardowns and homes still under construction.
“It is the ground underneath that has the value, and the luxury homebuyer wants the new product,” Nash said.