Pascal Nicolai sells Highland Beach oceanfront spec mansion for $30M

Spec developer Pascal Nicolai sold a Highland Beach oceanfront mansion for $30 million. 

Records show Nicolai’s entity, named for the address of the home at 4005 South Ocean Boulevard, sold the house to a trust also named for the address. The true buyer is unknown.

Carmen D’Angelo and Joseph Liguori of Premier Estate Properties had the listing, and Nadine Cory of City Real Estate Corporation brought the buyer. 

Nicolai is the founder and CEO of Miami-based Sabal Development. In June, he sold a waterfront spec home in Miami Beach’s Venetian Islands for $21 million.

Nicolai bought the 0.6-acre Highland Beach property for $4.4 million in 2016, records show. He tore down the existing home and built a 9,000-square-foot mansion that was completed this year. The new home spans four stories, with seven bedrooms, 12 bathrooms and 100 feet of beachfront, according to a press release. The mansion also includes a pool, spa, roof deck and theater.

It was first listed for $22 million in 2018, Redfin shows. The price was raised to $26.5 million, then $29.5 million in 2021, and notched up to $31.5 million last year. The final sale price reflects South Florida’s market boom throughout the transformative pandemic era. 

The sale also marks the priciest residential sale in Highland Beach so far this year. In July, a Delray Beach-based CEO sold his waterfront home in Highland Beach for $9.8 million. In November of last year, the founder of a semiconductor production company bought an oceanfront Highland Beach townhouse from the former owner of the Florida Panthers hockey team for $8.3 million. 

Omaha entrepreneur Steve Buchanan set the price record for Highland Beach last year. Buchanan, the founder of Buchanan Energy and Bucky’s Convenience Stores, bought an oceanfront mansion for $40 million in April of last year.