A developer and a businessman from Pennsylvania swapped waterfront mansions in Fort Lauderdale in a pair of deals totaling $37 million.
Records show developer Louis Paolino Jr. sold the house at 2626 Delmar Place to an LLC managed by Paul D. DeAngelo for $27.8 million. Paolino also bought the house at 2328 Aqua Vista Boulevard from DeAngelo for $9.2 million, according to property records.
Michelle Gunter with First Ocean Realty represented Paolino in both deals. Fran McDuffie with EXP Realty represented DeAngelo in both deals, and was joined on the listing for 2328 Aqua Vista Boulevard by Compass agent Tim Elmes.
Paolino is a developer who heads his namesake firm, Paolino Development. It is based in Miami and builds luxury homes primarily in the Hamptons and South Florida, according to its website.
He bought the nearly 0.6-acre Delmar Place site for $1.3 million in 1998, according to property records. He built the 12,200-square-foot mansion in 2001. It has 10 bedrooms, 13 bathrooms, one half-bathroom, a gym, a theater, pool, 300 feet of waterfrontage and 250 feet of dockage, the listing shows.
Paolino listed the mansion for $31.5 million in 2023, according to Zillow.
DeAngelo heads DeAngelo Contracting Services, a Hazleton, Pennsylvania-based company that provides transportation infrastructure services, like maintenance, cleaning and vegetation management, its website shows.
He bought the Aqua Vista Boulevard mansion for $6 million in 2016, property records show. It was built on 0.4 acres in 2007, and spans 8,000 square feet, with six bedrooms and 12 bathrooms, according to property records. The property also has 150 feet of waterfront and a dock, the listing shows.
It hit the market for $10 million in 2023, according to Zillow.
The sales mark the latest pricey deals in Fort Lauderdale this season. Last month, freight heir Phillip Kirschbaum sold his waterfront mansion for $15 million. In February, the head of an insurance marketing firm bought a $17 million waterfront spec home.
In September, financier Donald Sussman sold a waterfront estate for $70 million, making it the most expensive home ever sold in Broward County.