Spec developer Pascal Nicolai recently completed the sale of an oceanfront mansion in Highland Beach for an impressive $30 million. Public records indicate that Nicolai’s entity, named after the property’s address at 4005 South Ocean Boulevard, facilitated the transaction with a trust bearing the same address. The true identity of the buyer remains undisclosed.
The listing for the property was managed by Carmen D’Angelo and Joseph Liguori of Premier Estate Properties, while the buyer was represented by Nadine Cory of City Real Estate Corporation.
Nicolai, the founder, and CEO of Miami-based Sabal Development, initially acquired the 0.6-acre Highland Beach property in 2016 for $4.4 million. Subsequently, he razed the existing structure and replaced it with an impressive 9,000-square-foot mansion, which reached completion this year. The new residence boasts four stories, seven bedrooms, 12 bathrooms, and an enviable 100 feet of beachfront. Additionally, the mansion features amenities such as a pool, spa, roof deck, and a dedicated theater room.
Over the years, the property’s listing price saw several adjustments. It was initially listed at $22 million in 2018, eventually rising to $26.5 million, then $29.5 million in 2021, before settling at $31.5 million last year. The final sale price reflects the surging real estate market in South Florida during the transformative pandemic era.
This sale also sets the record for the highest-priced residential transaction in Highland Beach for the current year. In July, a CEO based in Delray Beach sold their waterfront residence in Highland Beach for $9.8 million. In November of the previous year, the founder of a semiconductor production company acquired an oceanfront townhouse in Highland Beach from the former owner of the Florida Panthers hockey team for $8.3 million.
Notably, Omaha entrepreneur Steve Buchanan established the prior price record for Highland Beach in the preceding year. In April of that year, Buchanan, known as the founder of Buchanan Energy and Bucky’s Convenience Stores, acquired an oceanfront mansion for a noteworthy $40 million.
