A Boca Raton waterfront mansion once owned by convenience store giant G. Robert Sheetz is under contract, topping new pending sales activity in Palm Beach County last week.
Buyers signed 14 contracts for a total volume of $77.1 million between Aug. 17 and Aug. 23, according to the weekly report by Douglas Elliman’s Eklund-Gomes team, which tracks residential listings countywide with an asking price of $3 million and above.
The combined asking dollar volume of the properties that went into contract fell compared to the week prior, in which 13 contracts totaled $96 million in asking dollar volume. July’s explosive buying, which reached $245.4 million one week, seems to have cooled.
Single-family homes accounted for 10 of the 14 contracts, with an average asking price of $5.9 million, or $1,265 per square foot. The homes spent an average of 183 days on the market.
The other four contracts were for condos. The condos included in the report had an average asking price of $4.6 million and nearly $3,200 per square foot. The week prior, only one condo contract was signed.
David Roberts of Royal Palm Properties had the listing for the top contract, which is the Boca Raton estate at 133 West Coconut Palm Road. The 8,400-square-foot home, asking $16.8 million, has six bedrooms, eight bathrooms and two half-baths. It’s located inside the exclusive Royal Palm Yacht & Country Club, which includes a private golf course and water access.
The owner, 133 West Coconut Trust, includes three trustees, according to public records: trial attorney William Mark Lanier, Becky Lanier and Kevin Dale Roberts.
William Lanier is a prominent Texas lawyer and Christian speaker known for taking high-profile personal injury cases against major companies. This year, he represented the plaintiff in a lawsuit that accused Meta and YouTube of being harmfully addictive to children, which ended with the companies being ordered to pay $3 million in punitive damages.
Sheetz, the convenience store magnate, sold the property to the trust for $11.5 million in 2019, public records show. He bought the property for a fraction of the price, $3 million in 2016, and flipped it before selling.
The second-biggest contract of the week went to the mansion at 1435 North Ocean Way in Palm Beach, which was asking $9 million with Todd Peter of Sotheby’s International Realty. The listing is no longer active on public sites, but is still listed on the Multiple Listing Service, records show.
The four-bedroom, four-bathroom home, built in 1967, spans 3,300 square feet. It’s located about a block from the beach. Property records show Platinum Palm Beach Holdings LLC paid $4.5 million for the home in 2020. The LLC is managed by law firms in New York and Boca Raton.
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