UPDATED, Oct. 16, 12:50 p.m.: The owner of a European hotel chain bought a waterfront Boca Raton home for $5.5 million from an Iranian princess who is the granddaughter of the former Shah of Iran.
Mikhail Avrutin bought the house at 444 East Alexander Palm Road from Mehrdad Fallah-Moghaddam and Mahnaz Zahedi, according to records.
Zahedi is the daughter of Shahnaz Pahlavi, a princess of Iran and the first child of the former Shah of Iran, Mohammad Reza Pahlavi and Princess Fawzio Faud of Egypt, according to published reports.
The buyer, Avrutin, is the owner and developer of Baltic Hotel Group, a hotel chain that operates two hotels in Estonia. Avrutin is also listed on his Linkedin as the president and founder of AFP of North America.
Records show Zahedi and her husband, Fallah-Moghaddam, had purchased the home in 2001 for $1.9 million.
Jackie Feldman and Geri Penniman of Premier Estate Properties brokered the deal. The home was first listed in 2018 at $6.3 million and after a few price changes, was most recently listed for $6 million in September of this year, according to Realtor.com.
The 5,248-square-foot house was built in 1980. It has five bedrooms, four-and-a-half bathrooms and is on the Intracoastal Waterway.
This summer, the 12,000-square-foot New York mansion of the princess’ aunt, Princess Ashraf Pahlavi, sold, after a legal battle.
Among other recent sales in Boca Raton, the COO of a South Florida-based real estate investment firm sold his house for $5 million, a mansion in the Royal Yacht & Country Club sold for $9.4 million and a plastic surgeon paid $5.5 million for a home.