Supermarket supplier Michael Bozzuto dropped $31.2 million on a waterfront Palm Beach Shores estate in an off-market deal.
Records show Bozzuto’s Lake Drive RE Holdings LLC, a Florida entity, bought the mansion at 170 Lake Drive from longtime owner Molly Fleming.
The sale is likely a price record for Palm Beach Shores residential sales.
Bozzuto is chairman, owner and CEO of Bozzuto’s, a wholesale supermarket supplier based in Cheshire, Connecticut. Bozzuto’s distributes food and household products to supermarket chains in Maryland, New Jersey, New York, Pennsylvania and New England, according to Forbes. It also operates a small number of grocery stores under the brand name Adam’s Super Food Stores.
Bozzuto’s was founded in 1945 and is now among the largest privately owned companies in the U.S., with $2.6 billion in revenue last year, Forbes reported.
This isn’t Bozzuto’s first South Florida real estate purchase. Between 2004 and 2012, he acquired four residential properties in North Palm Beach for a combined $8.4 million, records show.
The seller of the Lake Drive home, Fleming, and her late parents, William and Kathleen Fleming, bought the Palm Beach Shores estate for $900,000 in 1999, property records show. Built in 2000 on 1.5-acres, the 7,400-square-foot house has four bedrooms, five bathrooms and one half-bathroom, according to records. The property includes a dock and two pools, property records show.
The deal marks the latest pricey sale in Palm Beach Shores, a Singer Island community just north of the Palm Beach Inlet. In November, Miami Beach-based JSB Capital bought the neighboring condo complex and marina at 176 Lake Drive for $58.5 million.
In May, developer Deepak Khosa launched sales of his planned oceanfront condominium, the six-story, 18-unit Pearl. Prices for units started at $3.6 million.