John Hargreaves, founder of British retail giant Matalan, sold a pair of adjacent waterfront homes in Boca Raton to his neighbor for $23.4 million.
Records show Hargreaves sold the houses at 550 Northeast 5th Avenue and 550 Northeast 4th Lane to 550 Northeast 4th LLC, a Florida entity linked to Andrew Robins, the owner of Universal Tile & Marble Enterprises. Hargreaves provided $13.8 million of seller financing to Robins’ LLC. The sale was completed off-market.
Robins owns the adjacent 2-acre compound at 600 Northeast 5th Avenue, according to property records. He bought the estate for $12 million in 2018, and transferred ownership to a trust named for the address in September. His holdings now span 3.4 acres.
Hargreaves founded Matalan in 1985. Today it has 270 stores, primarily in the United Kingdom.
Records show Hargreaves bought the 1.1-acre estate at 550 Northeast 5th Avenue for $5.9 million in 2000, and the 0.3-acre house at 550 Northeast 4th Lane for $3.2 million in 2002. The 5th Avenue mansion was built in 1966 and spans 8,200 square feet, with seven bedrooms, six bathrooms and one half-bathroom, records show. The 5,000-square-foot 4th Lane house was built in 1995. Both homes have pools and docks, according to property records.
The sale marks a pricey closing early in the market’s busy season. Luxury sales slowed across South Florida ahead of the November election, and agents say activity has surged since the presidential contest was decided.
Recent sales in Boca Raton include a trust tied to waste management mogul Brendan Pantano dropping $19.8 million on a non-waterfront spec mansion in the Royal Palm Yacht & Country Club last month. In July, a waterfront spec mansion sold for $28.5 million. Both homes were built by luxury builders Steve and Scott Dingle, who set the Boca Raton price record in April when they spent $36 million on a waterfront teardown.