Oceanfront Gulf Stream estate flips in one year for 85% markup
Sellers bought the then-spec home for $14.9M a year ago
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.