Former convenience store magnate Steve Buchanan sold his oceanfront Highland Beach mansion for $50 million, breaking the price record he set two years ago when he bought the estate for $40 million.
Property records show he and his wife, Samantha Buchanan, sold the house at 2455 South Ocean Boulevard to a Delaware entity named for the address. The true buyer is unknown.
Jonathan Postma of Coldwell Banker Realty represented the sellers. He declined to comment on the deal.
Steve Buchanan was the owner of Buchanan Energy and Bucky’s Convenience Stores, a Midwest gas station chain with a strong presence in Nebraska and Illinois. In 2021, he sold the businesses to Casey’s General Stores for $580 million, according to Convenience Store News.
He and his wife bought the Highland Beach estate for $40 million the following year, records show. Built in 2013 on 1.4 acres, the mansion spans nearly 14,000 square feet, with eight bedrooms, 10 bathrooms, three half-bathrooms and a pool, records show. The estate includes a two-story library, wine room, gym, a theater, 150 feet of ocean frontage and two guest houses, according to the listing.
Highland Beach is a small coastal enclave bounded by Boca Raton and Delray Beach. Prices have surged for oceanfront mansions in the town in recent years, fueled by increased demand for waterfront properties across South Florida.
In March, the estate of late mattress mogul Harry Acker sold his oceanfront Highland Beach mansion for $21.2 million. Also in March, Gary Patrick, an advertising executive for Skechers, dropped $18.8 million on a waterfront townhome. In November, spec developer Pascal Nicolai sold an oceanfront mansion for $30 million.