Scott A. Segal , the president and CEO of MBA Building Supplies in Libertyville, Illinois, sold a Boca Raton mansion for $10.48 million, executing a profitable flip after owning it for five months.
Segal, a resident of Highland Park, Illinois, sold the 9,965-square-foot home at 251 W. Coconut Road, in the Royal Palm Yacht & Country Club, to Paul Thomas Cappuccio , of Greenwich, Connecticut. JPMorgan Chase Bank awarded a $5.76 million mortgage to the buyer.
The price equated to $1,052 per square foot.
The home last traded for $8.5 million in December, so it had a nice gain in value. The value of luxury homes in South Florida has spiked amid an influx of wealthy buyers from out of state, and that appears to be the case here.
Cappuccio was executive VP and general counsel at New York media giant Time Warner Cable from 2001 to 2018. He left the company following its merger with AT&T and accepted a $26.7 million severance package, according to multiple media reports. Cappuccio then became vice chairman of DTX Co., a direct-to-consumer marketing startup.
His new home was built on the 0.52-acre lot along a canal leading to the Intracoastal Waterway in 2001. It features seven bedrooms, nine bathrooms, two half-bathrooms, a double-sided fireplace, a library, a lanai with a summer kitchen, a pool/spa and an elevator.
Marcy F. Javor with Signature One Luxury Estates brokered both sides of the deal.
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South Florida’s Wealthiest ZIP Codes
Ranked by Median household income Rank ZIP Code Median household income 1 33109 $200,577 2 33158 $170,673 3 33149 $151,190 View This List
