Talk about baking in a nice return.
The CEO of a baking products supplier flipped an oceanfront estate in Gulf Stream for $31.5 million.
Records show three trusts linked to James Sausville, with Owen Mester signing as trustee, sold the house at 3565 North Ocean Boulevard to PBH Land Trust #2401-3432-00.
City National Bank of Florida signed on behalf of the buyer, listing the buyer’s mailing address as 44 Skymeadow Drive, the Stamford, Connecticut address of Sherrod Krabbe. Krabbe is a descendent of the prominent Van Wyck family of New York, according to obituaries for Kathleen Grant Van Wyck Brown Tanham and her brother, Peter Van Cortland Van Wyck. Tanham died in September, and her obituary identifies Krabbe as her son.
The Van Wycks were early Dutch settlers of the New York area. Robert Anderson Van Wyck was the first mayor of New York after the five boroughs were united, and the expressway connecting the city to JFK International Airport bears the family’s name.
Sausville is president and CEO of J&K Ingredients, a Paterson, New Jersey-based supplier of baking ingredients. The Chicago-based private equity firm CORE Industrial Partners acquired J&K Ingredients for an unknown price in 2020, according to a press release. “[J&K Ingredients] serves some of the largest and most demanding global bakery customers, as well as hundreds of other commercial bakeries and bakery product wholesalers and distributors,” the press release says.
Candace Friis of the Corcoran Group represented both the buyer and the seller.
Records show this is the third sale of the estate in less than two years. James and Kimberly Caccavo bought the property for $14.9 million in May 2021, the year the home was built, and flipped it to Sausville for $27.5 million in May 2022. Sausville’s gain in the latest sale equates to $4 million after eight months of holding the property.
The 0.8-acre estate includes a 6,100-square-foot main house and a one-bedroom, one-bathroom guest house with a living room and kitchenette, records and the listing show. The main house spans five bedrooms, six bathrooms, and two half-bathrooms, records show. Designed by architect Randall Stofft and featured on HGTV’s Ultimate House 2022, the home includes a 750-bottle wine room and 110 feet of oceanfront, according to the listing.
Krabbe also bought a penthouse at the Palm Beach Hampton for $8.5 million in August, the Palm Beach Daily News reported. Friis recently listed the condo, unit 501S at 3100 South Ocean Boulevard, asking $8.7 million for the 5,600-square-foot, four-bedroom, four-bathroom penthouse.
Gulf Stream, a small island town just south of Palm Beach and Manalapan, is known for its luxury oceanfront estates.
In September, a hedge funder sold an oceanfront compound for $29 million. In March, top brass at Elliott Management flipped an oceanfront estate for $26.7 million.
In August, a former Olympic sailor sold a waterfront estate for $16.5 million, setting a price record for non-oceanfront sales in Gulf Stream.