Oceanfront Gulf Stream estate flips in one year for 85% markup

Sellers bought the then-spec home for $14.9M a year ago

Miami /
Jun.June 02, 2022 12:30 PM
James Sausville and 3565 North Ocean Boulevard (J&K Ingredients, Echo Fine Properties)

James Sausville and 3565 North Ocean Boulevard (J&K Ingredients, Echo Fine Properties)

An oceanfront Gulf Stream estate traded for $27.5 million, nearly twice its sale price one year ago.

James and Kimberly Caccavo sold the six-bedroom, seven-and-a-half-bathroom home to James and Estee Sausville. The Caccavos paid $14.9 million for the property in May 2021, marking an 85 percent increase compared with the latest sale.

James Caccavo is the founder and managing general partner of Steelpoint Capital Partners, a Solana Beach, California-based private equity firm. Kimberly is founder of Face Your Grace, a motivational e-learning platform for women that’s based in Miami.

The buyer, James Sausville, is president and CEO of Paterson, New Jersey-based J&K Ingredients, which calls itself one of the top bakery ingredient suppliers in the world.

The 6,117-square-foot Gulf Stream house sits on a 0.8-acre lot. It was on the market with William Raveis Real Estate’s Paula Wittmann and Michelle Noga for nearly $30 million. Mitch Frank with Echo Fine Properties represented the buyers.

Designed by architect Randall Stofft , the estate includes a five-bedroom, seven-and-a-half-bathroom home, plus a one-bedroom, one-bathroom guest house. It has 110 feet of ocean frontage.

The sale marks the third major deal to close in Gulf Stream in recent months. The small oceanfront town in Palm Beach County is north of Delray Beach and south of Ocean Ridge and Manalapan, where ultra-wealthy buyers have long purchased homes.

In March, a trust linked to Elliott Management’s top brass flipped a Gulf Stream oceanfront estate for $26.7 million to another trust also linked to the same hedge fund.

Also in March, an entity tied to a San Francisco hedge fund manager sold the waterfront estate at 3545 North Ocean Boulevard in Gulf Stream for $33 million. The deal closed one day after the mansion hit the market with an asking price of $34 million, which could mean that it really sold off-market.





    Related Articles

    arrow_forward_ios
    rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
    Forest Development, Royal Palm nab $269M condo construction loan
    Forest Development, Royal Palm nab $269M condo construction loan
    Kaufman's Michael Kaufman with 3185 South Congress Avenue (Kaufman, Google Maps)
    Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
    Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
    13th Floor's Arnaud Karsenti and Wexford's Joseph Jacobs and Philip Braunstein with rendering of The Residences of Palm Beach West (13th Floor Investments, Wexford Real Estate Investors, Arquitectonica)
    13th Floor, Wexford propose 25-story tower in downtown West Palm
    13th Floor, Wexford propose 25-story tower in downtown West Palm
    Long Light Capital's Justin Korsant with 45 East Dilido Drive (Getty, Mike Ruiz)
    Third time’s the charm: Waterfront Venetian Islands home flips for record $4,900 psf
    Third time’s the charm: Waterfront Venetian Islands home flips for record $4,900 psf
    Julie Jones (Florida Luxurious Properties)
    Top Broward broker Julie Jones joins Douglas Elliman
    Top Broward broker Julie Jones joins Douglas Elliman
    Google Street View of the properties at 551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings)
    Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
    Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
    Real estate investor Michael Klinger and 56 Bal Bay Dr, Bal Harbour (Zillow, Jon Mann/Jills Zeder Group)
    Investor buys waterfront Bal Harbour mansion for $15M, plans to renovate it and flip it for $30M
    Investor buys waterfront Bal Harbour mansion for $15M, plans to renovate it and flip it for $30M
    Buyer Armen Avanessians and 157 Peruvian Avenue (Goldman Sachs, Realtor.com, iStock)
    Former Goldman Sachs exec drops $12M on Palm Beach home
    Former Goldman Sachs exec drops $12M on Palm Beach home
    arrow_forward_ios

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

    Loading...