Aviation investment executive Salvatore Calvino and his wife, Karen, traded one Palm Beach County estate for another in two recent transactions.
Records show the couple sold their Boca Raton waterfront home at 2989 Spanish River Road for $22.5 million, or $1,866 per square foot. They paid $7 million in 2020 for the 12,000-square-foot estate. The sale marks the priciest transaction on Spanish River Road and the first to exceed $20 million, according to Serhant’s Matt and Nick Team, which brokered the sale.
Meanwhile, the Calvinos bought another waterfront property, at 2914 North Flagler Drive in West Palm Beach, for $20 million. An entity connected to Preferred Freezer Services CEO John Galiher and wife, Cindi, sold the home. They paid $3.5 million for it in 2021.
The Boca property’s buyer is hidden behind an LLC. It was built in 2002 on a 0.69-acre double-lot facing the intracoastal waterfront and has been renovated. It features six bedrooms, nine bathrooms and four half-baths, along with a pool and private dock.
Serhant’s Matt and Nick Team, led by Matthew Moser and Nicholas Gonzalez, represented the buyer and seller. The team said the sale marks “one of the proudest moments of our careers.”
The West Palm house spans about 9,500 square feet on a 0.45-acre lot, putting its sale at about $2,100 per square foot. The home has seven bedrooms, eight bathrooms and two half-baths, plus a cabana and guest house.
Steve Simpson of William Reveis Real Estate, who represented the seller of the West Palm home, said he could “tell from the first handshake” that Calvino would be a good fit for the home. He noted Calvino appreciated that the property was prime for boating.
West Palm Beach is undergoing an ultra-luxury transformation, which includes an “all-star, VIP list of people who are coming to see properties,” Simpson said. Calvino is the founder and CEO of Equivu Capital, a Boca-based aviation services investment firm.
West Palm Beach this summer was among the fastest-growing luxury residential markets in the country, with luxury home sales up 43.9 percent compared to the same period the year before.
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